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ECONOMY | 31-01-2018 13:38

Corporación América Airports prepares for Wall Street takeoff

The company will use at least part of the proceeds it generates to expand both the Ezeiza and Jorge Newberg City airports and develop hotels onsite, company boss Eduardo Eurnekian said.

The Argentine firms Corporation América Airports and Central Puerto will formalise their listings on the New York Stock Exchange this week when representatives from each company ring Wall Street’s famous “Bell”. 

Corporation América Airports had filed to raise US $100 million in an initial public offering (IPO), although the company expects to secure between US$ 550 and 700 million, Infobae reported.

Corporación América chief Eduardo Eurnekian will be present at the ringing of the “Bell” on Wall Street on Thursday, in what observers say is a move timed to capitalise on the positive sentiment surrounding President Mauricio Macri’s participation at Davos.

In a revealing interview with Bloomberg this month, Eurnekian said he would be slowly retiring from the airport business and passing the baton to his nephew, Martín Eurnekian. 

“I am doing this IPO, but that doesn’t mean I’m in charge, the one who manages the airports is my nephew. I will oversee this deal this month, and my career in airports will be complete,” Eurnekian said.

Martín Eurnekian was one of a handful of businessmen to accompany Macri on his trip. 

The firm will use at least part of the proceeds to expand both the Ezeiza and Jorge Newberg City airports and develop hotels onsite, Eurnekian senior told Bloomberg.

The Argentine-Armenian entrepreneur, 85, has hired Bank of America, Oppenheimer, Goldman Sachs and Citigroup to sell stocks.

Corporación América Airports is based in Luxembourg and manages 33 airports in Argentina and another 18 in Peru, Brazil, Uruguay, Ecuador, Italy and Armenia.

CENTRAL PUERTO

Hydroelectric power generation company Central Puerto will have its turn at the Bell on Friday.

The firm is one Argentina’s biggest generators of electricity and is part of the Sadesa Holding, among whose shareholders is businessman Nicolás “Nicky” Caputo, whose close ties to Macri have brought him scrutiny.

JP Morgan and Merrill Lynch have overseen the operation to list Central Puerto on Wall Street.

The company currently has 59 percent of its capital in private hands and the remaining 41 percent on the Bolsa de Buenos Aires stock exchange, El Cronista reported.

-TIMES

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