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Macquarie Infrastructure Partners V (MIP V), an Americas-focused, unlisted infrastructure fund managed by Macquarie Asset Management (MAM), the world’s largest infrastructure manager announced an agreement with Odinsa, the concessions company of Grupo Argos to acquire 50% of Odinsa’s stake in airport concessionaires Opain and Corporación Quiport (“Quiport”).
The airports platform also includes three additional private airport initiatives that Odinsa has been pursuing in Colombia. Opain is the operator and manager of El Dorado International Airport serving the capital city of Bogota, Colombia, and Quiport is the company that operates Mariscal Sucre International Airport in Quito, Ecuador.
Altitude supported MAM in the bid and due diligence process with our scope including conducting independent traffic, commercial and technical due diligence, resulting in detailed forecasts to support the acquisition process.
Detailed analysis of the Bogota and Quito traffic markets including detailed review of the markets, competition, historic traffic development, network coverage, and key airline analysis.
Aeronautical revenue performance analysis including modelling of the aeronautical regulation frameworks for both airports.
Non-aeronautical performance modelled at the detailed sub-category level.
Operating costs were analysed for key staff and non-staff cost categories including elasticities to traffic growth.
Detailed performance benchmarking of each component of revenue, cost and EBITDA against comparator South and Central American and international airports.
Assessment of capacity of key processes and analysis of main process constraints at each airport including airfield, terminal, car parking and wider surface access.
Assessment of the long term capital investment plans at each airport aligned with the traffic forecasts and business plan forecasts.
Development of a comprehensive set of opportunities and risks associated with each component of the Altitude forecasts.
Detailed due diligence including review of data room materials and extensive interaction with Odinsa and the respective airport Management teams.
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