Fernando Chico Pardo Agrees To Sell 49% Of ITA (Strategic Partner Of ASUR) And 37,746,290 Class B Common Shares Of ASUR; Chico Pardo To Remain Chairman Of The Board Of ASUR And Retain 51% Of ITA
MEXICO CITY, Nov. 8, 2011 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR) ("ASUR" ), the first privatized airport group in Mexico and operator of Cancun Airport and eight other airports in southeast Mexico, today announced that it was notified by Fernando Chico Pardo ("FCP"), shareholder of ASUR and chairman of ASUR's board of directors that he has signed an agreement to sell 49% of the shares of Inversiones y Tecnicas Aeroportuarias, S.A. de C.V. ("ITA") and 37,746,290 of his Class B shares of ASUR (the "Transaction") to Grupo ADO, S.A. de C.V. ("ADO"). The shares of ITA that are being sold to ADO are the "investor" class shares of ITA. FCP will use the proceeds of the Transaction to repay financings previously incurred by him.
ITA is ASUR's strategic shareholder and holds 22,950,000 of ASUR's Class BB shares, representing approximately 7.65% of ASUR's capital stock. In addition, ASUR and ITA have entered into a technical assistance agreement (the "Technical Assistance Agreement") pursuant to which ASUR has a perpetual and exclusive license in Mexico to use all technical assistance and "know-how" transferred to it by ITA or its stockholders during the term of the agreement.
The Transaction is subject to, among other conditions, approval of the Federal Competition Commission (Comision Federal de Competencia). Once the Transaction has been consummated, FCP will remain the owner of 51% of ITA and 37,746,297 Class B Shares, or 12.58% of ASUR's capital stock. The Technical Assistance Agreement will continue in force following consummation of the Transaction.
About ADO:ADO is a Mexican bus transportation company founded more than 70 years ago and transports approximately 160,000,000 passengers annually. ADO has approximately 20,000 employees and offers scheduled passenger, tourist, urban and personal transportation. ADO offers broad experience in the management of passenger terminals, transport logistics, tourism and commercial operations.
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