Mexico To Sell Airport Operator Via IPO

The Mexican government has rejected an offer by local construction firm ICA to buy the remaining 49% stake in airport operator Grupo Aeroportuario Centro Norte (GACN) for $270 million and will instead offer it for sale for $300 million via an IPO. ICA already owns 51% of the company and therefore had the right to bid for the outstanding shares. GACN has operations in 13 locations throughout the country, including Monterrey and the resort of Acapulco. In February the government raised $870 million from the sale of Grupo Aeroportuario del Pacifico (GAP), the country’s largest airport operator. The sale was the government’s largest IPO in 10 years.