ASUR to acquire URW’s airport retail concessions for $295 million

MEXICO CITY/PARIS - Grupo Aeroportuario del Sureste (NYSE:ASR; BMV:ASUR), a $9 billion market cap airport operator with "GREAT" financial health according to InvestingPro, announced Wednesday it has entered into an agreement to purchase URW Airports, LLC from Unibail-Rodamco-Westfield (XPAR:URW) for an enterprise value of $295 million.

The acquisition gives ASUR control of commercial programs at major U.S. airport terminals, including six terminals at Los Angeles International Airport, Terminal 5 at Chicago O’Hare International Airport, and Terminals 8 and New Terminal One at John F. Kennedy International Airport in New York.

The transaction marks ASUR’s strategic expansion into the U.S. airport retail concessions market and is expected to close during the second half of 2025, subject to customary conditions.

ASUR will fund the purchase with existing cash reserves and has secured debt financing from JPMorgan Chase Bank to maintain liquidity. With a healthy current ratio of 1.84 and moderate debt levels at just 11% of total capital, the company maintains strong financial flexibility. The company’s subsidiary, Aeropuerto de Cancún, has provided a parent guarantee for the buyer’s obligations under the purchase agreement.

J.P. Morgan Securities is serving as exclusive financial advisor to ASUR, while RBC Capital Markets is advising URW on the transaction.

ASUR currently operates 16 airports across the Americas, including nine in southeast Mexico, six in northern Colombia, and holds a 60% stake in the operator of San Juan’s Luis Muñoz Marín International Airport in Puerto Rico.

The information in this article is based on a press release statement from both companies.

In other recent news, JPMorgan has raised the price target for Grupo Aeroportuario Del Sureste to Peso710 from Peso650, maintaining an Overweight rating on the stock. This adjustment reflects the firm’s analysis that ASUR is trading at a discount compared to its industry peers, based on a 12-month forward EV/EBITDA metric. The research firm noted ASUR’s robust position in non-regulated revenue streams and its historically resilient traffic performance during economic downturns. Additionally, ASUR’s attractive dividend yield, projected to be 12% in 2025, was highlighted as a contributing factor to the positive rating. These recent developments underscore ASUR’s favorable outlook in the eyes of analysts.

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