CCR Due Diligence of Airport Acquisition Assets

The Challenge

CCR, a large Brazilian roads company, planned to acquire equity interests in airports in Curaçao; Quito, Ecuador; San José, Costa Rica, and the right to build a new airport to serve the City of São Paulo, Brazil from two of its largest shareholders, Andrade Gutierrez Concesões and Camargo Corrêa/A-port. An independent committee was formed to review the value of the airports on behalf of minority shareholders. InterVISTAS was retained to advise the Independent Committee.

Our Role

InterVISTAS conducted a full due diligence of the four assets over an eleven week period that included a review of activity projections, aeronautical revenue development, non-aeronautical revenue development, operating expenditure forecasts, and capital expenditure plans. Non-aeronautical revenue projections were reviewed based on historical performance, and ability of the operators to achieve best in class revenues.


Based on InterVISTAS’ due diligence, CCR purchased the three existing assets and reserved the right to evaluate acquisition of the right to build a new airport in São Paulo when the regulatory environment is more certain.