Macquarie Takes Hit on Asur Stake

Australia’s Macquarie Airports expects to raise $207m from its stake in Mexico’s ASUR. The total would represent $28m less than the $235m it paid for the stake 2 years ago. The situation was not helped by a 14% tumble the shares took in the period from the August 3 announcement to the August 11 closing. The 4.36m ADS, representing 43.6m Mexican shares and a 16% stake in the airport operator, priced at $44.80, to raise $195m, and a 10% overallotment is expected to be exercised, according to bankers on the deal. The bankers note an oversubscription. “Having determined that we will not be able to bring our active management model to bear, [Macquarie Airports] took steps to exit the investment in ASUR as soon as practically possible whilst optimizing proceeds,” the seller says in a statement. JPMorgan and Macquarie Capital managed the deal. ASUR ADS closed Thursday at $44.90.