Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Calls for a Shareholders meeting to continue with Vinci’s share purchase process

  • Oma will call a shareholder meeting on November 30th to follow up Vinci’s share purchase agreement

  • The transaction is subject to regulatory approvals, as well as a meeting to approve changes of certain board members

  • While it may generate some uncertainty in the short term, we believe it should not affect the company's operations

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Follow
Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Follow
Banorte
8 November 2022
Published byBanorte

The company announced that it will call a shareholders' meeting on November 30th to discuss certain items related to the execution of the purchase agreement of Oma's shares from certain Fintech affiliates to a subsidiary of VINCI Airports SAS ("Vinci").

The first point refers to the conclusion of the purchase agreement, the effects, and necessary acts in connection within. It should be recalled that 29.9% of the shares of Oma's capital stock are being sold, including 100% of Series BB shares -which are the controlling ones-. The purchased price agreed for the sale of SETA and Aerodrome (currently holders of the 29.9%) is $1.17 billion.

The consummation of the transaction is subject to certain regulatory approvals, as well as to hold a shareholders' meeting to approve changes of certain members of the board of directors (practically all the other items on the agenda), the majority of which will be made up of Vinci’s representatives (except for 5 independents, out of a total of 11 members).

The transaction reflects a premium over Oma's current market value of ~25%, which we view as favorable. While it may generate some uncertainty in the short term, we believe it should not affect the company's operations and more so considering Vinci's extensive experience in the sector. We will keep an eye on the assembly and will also review 2023’s outlook and PT. In the meantime, we reaffirm it within our top-picks considering Oma’s solid fundamentals which stand out given the complex backdrop.