Posse Herrera Ruiz acted as local counsel and coordinated the legal teams in different jurisdictions of Odinsa S.A., the concessions company of Grupo Argos, in the closing of the strategic alliance with Macquarie Asset Management (MAM), the world’s largest infrastructure asset manager, for the operation and investment in Odinsa’s airport infrastructure business in Colombia and Ecuador, in which each has a 50% stake and which includes aggregate assets of around COP 1.3 billion.
This announcement follows the fulfilment of conditions precedent, including the completion of formalities with authorities in different jurisdictions, including the Financial Superintendency, the National Infrastructure Agency, the Superintendency of Market Power Control of Ecuador, as well as obtaining approvals from financiers, insurers, the concessionaire companies and their shareholders, as applicable.
As part of this transaction, Grupo Argos S.A. sold to Macquarie its entire shareholding in Opain, corresponding to 30% of the total shares of this company. Odinsa sold shares in Opain equivalent to 2.49% of the total shares of this company, as well as 50% of its origination rights in certain private initiatives and 50% of Odinsa’s shares in Corporación Quiport S.A., International Airport Finance S.A. and Quiama LLC Delaware.
Following the completion of the sale of the shares and the subsequent creation and contribution by the parties of their airport assets to the airport infrastructure investment platform, the platform is positioned among the leaders in the region in terms of size by becoming the holder of certain stakes in El Dorado in Colombia and Mariscal Sucre in Ecuador, considered two of the best in South America according to Skytrax, as well as participation in projects and initiatives in structuring, including the new Cartagena Airport, El Dorado Max and El Dorado Flight Field.
The transaction required the involvement of a team of external advisors in Colombia, New York, Ecuador, Spain and BVI.
The interest shown by Macquarie is good news for Odinsa, the sector and the country, as it ratifies the confidence and interest of global players to continue investing in Colombia, promoting the fulfilment of the goals set by the country in terms of air connectivity and intermodalism.
Driven by the extensive experience of both companies that constitute this solid platform, Odinsa Aeropuertos will continue to explore other investment and value creation opportunities in Colombia and the Americas.
