MEXICO CITY, July 19, 2012 /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 the Puerto Rico Public-Private Partnership Committee declared Aerostar Airport Holdings the winner of a public bidding process to become the private operators of the Luis Munoz Marin international airport in San Juan, Puerto Rico (LMM Airport). Aerostar Airport Holdings is a limited liability company owned 50% by each of ASUR (through its Cancun Airport subsidiary) and Highstar Capital IV.
Aerostar is expected to enter into a 40-year lease agreement for the airport with the Puerto Rico Ports Authority. Pursuant to the terms of its bid, Aerostar Airport Holdings will make an upfront payment of approximately $615 million to the Puerto Rico Ports Authority. This payment is expected to be funded by a combination of financing and equity contributions on a 50-50 basis from each of ASUR and Highstar Capital IV. The closing of the lease remains subject to a number of conditions precedent, including the award of a Part 139 operating certificate by the Federal Aviation Authority (FAA). ASUR is currently evaluating the accounting treatment of its investment in Aerostar.
ASUR is the largest private airport group in Mexico, operating 9 airports including Cancun, which for the past three years has been named the winner of the best airport in Latinamerica and the second best airport in the world by the International Airports Council. Highstar Capital is an independently owned and operated private equity firm with an operationally focused, value-added strategy. Based in New York, the firm was founded in 1998 and currently manages more than $5.6 billion on behalf of its managed funds and co-investment vehicles in a diversified portfolio of energy, transportation and environmental/waste management assets and businesses.
LMM Airport handles over 8.5 million passengers per year and is served by over 14 airlines. LMM airport generates over 8,000 direct and indirect jobs and recently opened the newly-constructed Terminal A, which is currently served by Jetblue.