Unión Fenosa sells stake in airport controller for US$118mn

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Thursday, April 27, 2006

Spanish electricity firm Unión Fenosa has sold for US$118mn its 33.3% stake in Mexican holding company AMP, which controls 15% of airport operator Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP), Mexican and Spanish press reported.

Unión Fenosa will transfer its stock in AMP to Controladora Mexicana and Aena Internacional in June, which are already Fenosa's partners in the company, along with the Spanish construction firm ACS, company sources confirmed, according to newspaper El Informador.

As a result of the deal, Controladora Mexicana, Aena and ACS will each hold equal stakes in AMP, which also means that ACS will have to hand 0.9% of its share to its partners.

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AMP bought 15% of GAP from the Mexican government in 1999 for US$261mn and became the controller of the company. In February, the government floated the remaining 85% of GAP on the New York and Mexico City stock exchanges, raising 10.5bn pesos (US$1.01bn).

GAP operates 12 airports dotted around Mexico: Aguascalientes, Bajío, Guadalajara, Hermosillo, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, Puerto Vallarta, San José del Cabo and Tijuana.