This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs