Punta del Este airport operator for sale

John Gallagher

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Industry sources have confirmed that the management operator at Punta del Este International airport, Consorcio Aeropuertos Internacional, is for sale

Uruguayan airport sources have confirmed to RavenFox.com that Consorcio Aeropuertos Internacional (CAISA), which holds the management contract at Punta del Este International airport, is for sale. CAISA gained the contract to manage, operate and renovate the terminal at Uruguay’s premier resort in 1991 and began operations in December 1993. A new $40m terminal opened in 1997.

Montevideo investment banker Ficus Capital has been named as adviser to value the operator and draw up a shortlist of potential buyers. Local press reports indicate that four companies have declared an interest and are carrying out due diligence. Local sources insist that bids will be submitted by the end of October, with the winner due to be announced by November. Corporación America, the leading shareholder in Argentinian airport operator Aeropuertos Argentina 2000 as well as in Puerta del Sur, the management concession holder at Montevideo Carrasco airport, is understood to be interested.

CAISA was originally formed as a consortium that included Uruguayan investment firms Incot and Norlit, Argentinian airport duty-free operator London Supply, and Canadian airport consultant Paxport Laguna, and these companies were joined by World Bank subsidiary International Finance Corp in 1995. CAISA is still a consortium but it is formed as a limited company and has operated as such since its foundation - originally four members then a fifth joined. Industry sources indicate that one of the consortium members may be interested in buying the company and the easiest way to do this is to put the company up for sale to get an estimate of its market value.

The duty-free store at Punta del Este is operated by CAISA consortium member London Supply, which introduced the walk-through duty-free concept to the Americas in 1997 when the new terminal opened.

RavenFox.com says: None of the consortium members have made any official comment but they are likely to be looking to take advantage of the favourable economic conditions throughout the Mercosur region. Regional tourism has grown strongly since the economic crisis of 2001/02 and while passenger traffic at Punta del Este is heaviest in the high season between December and February, spend per passenger is believed to be among the highest in the region.