On December 10, 2015, Aecon Group Inc. (Aecon) and Airport Development Corporation, through its subsidiary ADC Management Ltd. (ADC), completed the sale of their combined indirect majority interest in Quiport Holdings S.A. (Quiport Holdings) (the holding company for Corporación Quiport S.A. (Quiport), the concessionaire of the Mariscal Sucre International Airport in Quito, Ecuador (the Airport)) to Grupo Odinsa S.A. (Odinsa) and CCR S.A. (CCR).
In connection with the transaction, ADC and HAS Development Corporation, a subsidiary of the Houston Airport Authority, also sold ADC & HAS Management Ltd., the operator of the Airport (the Operator), to Odinsa and CCR.
Aecon sold its 45.5 per cent interest in Quiport Holdings for US$232.6 million, CCR paid US$46,194,280 for the interests it acquired in Quiport Holdings and the Operator, and Odinsa financed the acquisition of the interests it acquired in Quiport Holdings and the Operator in part with a US$194 million credit facility from Itaú BBA (Itau). ADC and HAS did not disclose the sale price of their interests in Quiport Holdings or the Operator.
Blake, Cassels & Graydon LLP acted for Aecon and ADC with a team led by Kurt Sarno and which also included Rory ffrench, Andrew Clark and Zac Resnick (M&A), Joshua Krane (antitrust), Jeffrey Shafer (tax), Alexis Levine (financial services), and Michael Dixon (anti-corruption).
Mayer Brown acted for Odinsa with a team led by George Baptista and Christian Fabian and which also included Juan Pablo Moreno and Isabella Jaramillo.
Millbank, Tweed, Hadley & McCloy acted for CCR with a team led by Andrew Janszky and John Timmerman and which also included Fernando Capellao and Broderick Henry.
White & Case LLP acted for Quiport vis-a-vis the lenders that provided debt financing for the construction of the Airport (the Project Lenders) with a team led by Hank Amon and which also included Jonathan Hamilton and Valerie Portillo.
Allen & Overy acted for the Project Lenders with a team led by Sami Mir and which also included Jessica Hurtado and Molly Watters.
Skadden, Arps, Slate, Meagher & Flom LLP acted for Itau. Holland & Knight acted for Banco Santander, which also provided capital to Odinsa.
Local counsel for Aecon and ADC included Pérez, Bustamante & Ponce in Ecuador, Posadas, Posadas & Vecino in Uruguay, Appleby Global in the British Virgin Islands and BCF in Barbados.
Local counsel for Odinsa included Pérez, Bustamante & Ponce in Ecuador, Sanguinetti & Asociados in Uruguay, Walkers Global in the British Virgin Islands and LEX Caribbean in Barbados.
Local counsel for CCR included Garrigues in Colombia, Guyer & Regules in Uruguay and Conyers Dill & Pearman in the British Virgin Islands.