Grupo Mexico,Latin America's largest mining company and a railroad business that generates over 1 billion dollars a year,has partnered with airport operator Grupo Aeroportuario Del Pacifico or GAP,operators of 12 airports throughout the Pacific region of Mexico. The powerful partnership was formed for the purpose of winning the bid for the construction and concession of the new Riviera Maya International Airport to be built in the Mexican Caribbean town of Tulum which is located 90 minutes south of Cancun.
This new airport in Tulum will be the first in the history of Mexico to be constructed by private investors under a concession arrangement that will accommodate up to 3 million passengers per year and employ hundreds of workers and bring a real boom to the area. Obviously,land and real estate prices are beginning to skyrocket due to the heavy influx of investment and infrastructure dollars.
"We are participating with them as partners in the bid for the Riviera Maya airport. Grupo Mexico Chief Executive Daniel Muniz told an investor conference call.
Reuter's reported that the company has disclosed,via filings with the U.S. Securities and Exchange Commission that it had obtained a 15.4 percent stake in GAP.
Grupo Mexico,which has copper mines in Peru,the US and Mexico,plans to Beef up its construction arm by winning the bid and building the new International Airport. Officials at GAP are ecstatic over the partnership.
Businessweek reports that analysts are closely watching the two companies and stock acquisition time frame,“The time to buy is now,” Jose Miguel Garaicochea,who helps manage about $1 billion including Grupo Mexico for Banco Santander SA in Mexico City,said in a telephone interview. “Grupo Mexico is a very important bet for us.”
GAP is no stranger to airports,as the company has a dozen in operation in the Pacific region of Mexico. Their airport locations are in the major cities of Guadalajara and Tijuana and tourist destinations Puerto Vallarta,Los Cabos,La Paz and Manzanillo. GAP also has six medium sized airports in the cities of Hermosillo,Bajio,Morelia,Aguascalientes,Mexicali and Los Mochis. GAP,who are listed on both the New York and Mexican stock market stock rose 2.29% at the close of business on Friday.
Grupo Mexico has partnered with airport operator Grupo Aeroportuario Del Pacifico or GAP,operators of 12 airports throughout the Pacific region of Mexico.