Aecon Completes Sale Of Interest In Quito Airport

December 19, 2015

Aecon Group — a Canadian company which is involved in the redevelopment of Bermuda’s airport – has completed the previously disclosed sale of its 45.5 per cent interest in the Quito International Airport concessionaire, Corporaciσn Quiport S.A. [Quiport], for US$232.6 million to Grupo Odinsa S.A. and CCR S.A.

“The monetization of Aecon’s investment generates approximate net cash proceeds [after transaction costs and estimated cash taxes] of US$195 million,” the company said.

“Together with its partners, Aecon developed and financed the airport and held a 45.5 per cent stake in Quiport, the airport concessionaire. Aecon built the airport as part of a 50/50 joint venture engineer/procure/construct contract with Andrade Gutierrez Constructores S.A.”

“We are very pleased to have finalized the sale of our interest in the Quito International Airport project and thank all of our partners for their collaborative efforts,” said Teri McKibbon, President and Chief Executive Officer, Aecon Group Inc.

“This landmark public-private partnership is of particular pride for Aecon and illustrates our successful work on large-scale, turnkey projects.”

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Comments (8)

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  1. Y-gurl says:

    It’s like a big Goverment sponsored ponzi scheme… Great work OBA..NOT!

  2. Marko says:

    When the construction of our “new” airport has been completed. Who will AeCon sell it to? Do we have any say in this?

  3. Marko says:

    After the construction of our “new” airport has been completed, will AeCon sell it ? Do we have any say in this?

  4. Jr Smith says:

    can they sell their lease before the 30 years is up? and if so I guess we have no say into who we do business with… #cronycapitalism @ its finest……

    • Zevon says:

      Um. Quito is not in Bermuda. It’s a different airport. A different contract. Different conditions,
      You do realise that, don’t you?

  5. Rum Runner says:

    Aecon are not building a new airport for us out of the goodness of their heart.
    They are looking for a return on investment.I am sure their lease can be traded like any commodity or security.
    Who ever they deal with they may not have what’s best for Bda in mind.

    What safe guard is in place that they do not run the airport into the ground,without spending on maintenance and up keep,to increase their rate of return?

  6. For Real says:

    When you lease space/property, does that give you the right to lease it at a profit without the consent of the owner?

    So, they cannot just transfer/sell and walk away. Obviously they will need the approval of the government as the owner of the airport/land. They will have to do their due dilligence and let the government know. Then the government will either approve or disapprove based on their own checks and balances.

    Realistically do you think they will spend over 200 million and then run it into the ground? If they do that then they will look bad internationally for other projects which affects their reputation. They will be responsible unless the govenrment puts in changes to the conttract that make it unreasonable to make a profit.