Mexican airport group takes on major Puerto Rico concession


AP

SAN JUAN, Puerto Rico — A Mexican company will take over operations of Puerto Rico’s main international airport as part of a US$2.6 billion deal that the U.S. territory’s government said Thursday will improve service and increase the number of flights and destinations.

Aerostar Airport Holdings said it plans to invest more than US$1.4 billion at the Luis Munoz Marin airport in San Juan and make an upfront payment of US$615 million to the island’s Port Authority as part of the 40-year agreement. Its statement and the government didn’t provide a full breakdown of the US$2.6 billion figure.

The company is a joint venture of Highstar Capital and Grupo Aeroportuario del Sureste, which operates the Cancun airport and eight other airports in southeastern Mexico. It won the concession over Spain’s Grupo Aeropuertos Avance, which is made up of Ferrovial Aeropuertos and Macquarie Infrastructure and Real Assets.