Grupo Aeroportuario del Pacifico Informs the Acquisition of 51.5% of the Shares Representing the Capital Stock of the Company “GWTC”
Rhea-AI Summary
Grupo Aeroportuario del Pacifico (GAP), listed on NYSE as PAC, announced the acquisition of 51.5% of the shares of Guadalajara World Trade Center (GWTC) for Ps. 875.5 million. GWTC consists of seven companies specializing in international cargo services at Guadalajara and Puebla Airports. In 2023, GWTC generated revenues exceeding Ps. 1 billion with an EBITDA margin of around 40%, and no financial debt. The transaction, expected to close by June 25, will be financed either through a bank loan or the company's resources. This acquisition helps GAP gain expertise in the cargo business and leverage nearshoring opportunities in the region.
Positive
- Acquisition of 51.5% of GWTC for Ps. 875.5 million.
- GWTC's 2023 revenue exceeded Ps. 1 billion.
- EBITDA margin of around 40% for GWTC in 2023.
- No financial debt for GWTC.
- Strategic opportunity to leverage nearshoring advantages.
Negative
- Uncertainty in financing the acquisition; still pending decision on bank loan or internal resources.
News Market Reaction – PAC
On the day this news was published, PAC declined 1.10%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GUADALAJARA, Mexico, June 11, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE:PAC; BMV: GAP) (“the Company” or “GAP”) informs that today signed the acquisition of
GWTC is a group consisting of seven companies that specialize in handling, storage, and custody services for international cargo. These services are provided in facilities classified as free trade zone (recinto fiscal) at Guadalajara Airport and Puebla Airport.
In 2023, GWTC generated revenues above Ps. 1.0 billion, with an EBITDA margin of around
The transaction is expected to be closed and paid no later than June 25, pending to define if through a bank loan or using the Company's resources.
With this acquisition, GAP aims to gain knowledge and experience in the cargo business. It also aims to take advantage of the strategic opportunity that nearshoring offers in the region.
Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired
| This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. | ||
In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.
| Alejandra Soto, Investor Relations and Social Responsibility Officer | asoto@aeropuertosgap.com.mx | |
| Gisela Murillo, Investor Relations | gmurillo@aeropuertosgap.com.mx / +52 33 3880 1100 ext. 20294 |
FAQ
What percentage of GWTC shares did Grupo Aeroportuario del Pacifico acquire?
How much did Grupo Aeroportuario del Pacifico pay for the GWTC shares?
When is the acquisition of GWTC shares by Grupo Aeroportuario del Pacifico expected to close?
What was GWTC's revenue in 2023?
What is the EBITDA margin for GWTC?
Did GWTC have any financial debt?
What strategic benefits does this acquisition offer Grupo Aeroportuario del Pacifico?
