Grupo Argos buys stake in Colombia's El Dorado airport operator

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Wednesday, November 16, 2016

Colombia's Grupo Argos announced that is has signed a purchase contract to acquire a 30% stake in the firm Opain, one of the concession companies managing and operating El Dorado international airport serving capital Bogotá.

The purchase is for a total of 480bn pesos (US$153mn), half of which will come from shares owned by engineering and construction company Construcciones El Condor.

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"Concreting the purchase of one of the most relevant airport concessions in the region is an important step in the materialization of Grupo Argos's strategy as a leader in infrastructure," said Grupo Argos president Mario Velásquez in a press release.

El Dorado airport is the third largest in Latin America in number of passengers after the Mexico City and São Paulo airports, handling more than 30mn passengers a year. It is also the busiest airport in terms of cargo transport, with a volume of 670,000t/y.

Payment of the contract will be done in two stages; 50% on closing the deal and the remaining 50% in May 2017.

Odinsa, the roads and airport concessions subsidiary of Argos, currently has a 35% stake in Opain. Grupo Argos will look to integrate this operation into Odinsa in the future to consolidate control of El Dorado airport, according to the release.

Expansion and modernization of the terminal and runway at the airport are currently underway and works include a new control tower, cargo infrastructure and administrative buildings. The works will enable the airport to handle 40mn passengers per year, a figure which El Dorado is expected to reach by 2021.