ASUR Agrees on $295 Million Transaction to Acquire URW's Terminal Retail Operations
ASUR Expands into US Airport Retail Concessions with $295m Acquisition
Mexico-based airport operator Grupo Aeroportuario del Sureste (ASUR) has announced its entry into the US airport retail concessions segment with the acquisition of URW Airports for an enterprise value of around $295 million.
The deal, scheduled to complete in the second half of 2025, subject to customary conditions, will see ASUR taking over the management of commercial programs at terminals of major US airports, including Los Angeles International Airport, Chicago O'Hare International Airport, and John F. Kennedy International Airport in New York.
ASUR's foray into the US market is made through its subsidiary, ASUR US Commercial Airports. The acquisition involves purchasing all the issued and outstanding equity interest from Westfield Development, a subsidiary of Unibail-Rodamco-Westfield (URW).
To finance the purchase, ASUR will utilise available cash and debt financing secured from JPMorgan Chase Bank. A parent guarantee from ASUR's subsidiary, Aeropuerto de Cancún, will cover obligations under the deal.
ASUR currently operates 16 airports across the Americas, but it did not manage any airports in the US prior to this acquisition. In addition to its existing portfolio, the company now holds a 60% stake in Aerostar Airport Holdings, which manages Luis Muñoz Marín International Airport in San Juan, Puerto Rico.
J.P. Morgan Securities is the exclusive financial advisor for ASUR in this acquisition, while RBC Capital Markets is the exclusive financial advisor for URW. Cleary Gottlieb Steen & Hamilton is providing legal counsel to ASUR, and Debevoise & Plimpton is offering legal support to URW.
This acquisition marks a significant step for ASUR, expanding its footprint in the Americas and entering a new segment in the US market. The company looks forward to delivering enhanced services and experiences to passengers at these major US airports.
