Aecon sells P3 interest in Quito International Airport
December 14, 2015 by STAFF WRITER
Aecon Group has completed the sale of its 45.5 per cent interest in the Quito International Airport concessionaire, Corporaciσn Quiport S.A. (Quiport), for US$232.6 million to Grupo Odinsa S.A. and CCR S.A.
Together with its partners, Aecon developed and financed the airport and held a 45.5 per cent stake in Quiport, the airport concessionaire. Aecon built the airport as part of a 50/50 joint venture engineer/procure/construct contract with Andrade Gutierrez Constructores S.A.
The monetization of Aecon’s investment generates approximate net cash proceeds (after transaction costs and estimated cash taxes) of US$195 million.
“We are very pleased to have finalized the sale of our interest in the Quito International Airport project and thank all of our partners for their collaborative efforts,” said Teri McKibbon, President and Chief Executive Officer, Aecon Group Inc. “This landmark, public-private partnership is of particular pride for Aecon and illustrates our successful work on large-scale, turnkey projects.”