Central American and Caribbean Airports Due Diligence
CCR, a large Brazilian roads company, planned to acquire equity interests in airports in Curaçao; Quito, Ecuador; San José, Costa Rica, and the right to build a new airport to serve the City of São Paulo, Brazil from two of its largest shareholders, Andrade Gutierrez Concesões and Camargo Corrêa/A-port. An independent committee was formed to review the value of the airports on behalf of minority shareholders. Members of the Skylark team were retained to advise the Independent Committee.
Skylark’s consultants conducted a full due diligence of the four assets over an eleven-week period that included a review of activity projections, aeronautical revenue development, non-aeronautical revenue development, operating expenditure forecasts, and capital expenditure plans.
Based on the consultants’ due diligence, CCR purchased the three existing assets and reserved the right to evaluate acquisition of the right to build a new airport in São Paulo when the regulatory environment is more certain.