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Grupo Aeroportuario Centro Norte: Flash OMA:Board authorizes tender offer for Fintech to increase its stake in OMA

  • Board of Directors approved a tender offer for Aerodrome Infrastructure (Fintech’s affiliate) to increase its OMA stake
  • The offer price is MXN 137.00 (+10% vs the current) and the tender offer period is from May 24 to June 22
  • Oma would continue to be listed on the MSE, although its marketability would be reduced by the tender offer

Oma announced that the Board of Directors authorized a tender offer in Mexico and the US by Aerodrome Infrastructure, an affiliate of Fintech, for up to 97,527,888 Series B shares (24.9% of the total) of the airport group at a price per share of MXN 137.00. It is noteworthy that the tender offer period is from May 24 to June 22. The foregoing is in line with the announcement that Fintech could launch a tender offer for Oma shares on December 23, 2020, where it made public its intention to increase its stake without exceeding 40% of the outstanding shares. As of December 22, Fintech owned 14.7% of Oma's outstanding capital stock.

As previously mentioned, in our view this is the result of the company's solid fundamentals (strong balance sheet, high levels of profitability and continued cash flow generation), coupled with a favorable sector outlook due to the expectation of better demand and strong growth in the group's results for the year. Although the offer price represents a premium of more than 10% vs. the current price, it is below our PT by 6%; however, it confirms the potential we see in the issuer. It is worth mentioning that Oma would continue to be listed on the MSE, although its marketability would be reduced by the tender offer. We will keep an eye on further details and the evolution of the transaction.


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