Mexican airport operator ASUR's US commercial airports subsidiary has entered into a purchase agreement with URW's wholly owned subsidiary Westfield Development to acquire all of the issued and outstanding equity interest of URW Airports for around $295 million.
The acquired business manages select commercial programs at US airports, including Terminals 1, 2, 3, 6, and Tom Bradley International Terminal and Tom Bradley International Terminal West at Los Angeles International Airport, Terminal 5 at Chicago O’Hare International Airport, and Terminals 8 and New Terminal One at John F. Kennedy International Airport. The acquisition represents ASUR's strategic expansion into the US airport retail concessions market.
ASUR is funding the transaction with cash on hand and has secured debt financing from JPMorgan Chase Bank to maintain liquidity.
JP Morgan Securities is serving as exclusive financial advisor and Cleary Gottlieb Steen & Hamilton is serving as legal advisor to ASUR. RBC Capital Market is serving as exclusive financial advisor and Debevoise & Plimpton is serving as legal advisor to URW.