Chicago Midway International Airport Privatization Due Diligence

The Challenge

As Macquarie Capital prepared its bid for Chicago’s Midway International Airport (“MDW”), it required comprehensive privatization due diligence services including development of activity forecasts, projections of aeronautical and non-aeronautical revenues, operating expenses, and capital expenses.

Our Role

InterVISTAS developed a business plan and financial model to support Macquarie’s bid for MDW. The business plan included an activity forecast, and plan for development of revenue while minimizing cost over the concession period. InterVISTAS also participated in meetings to garner debt and equity investment commitments to support the bid.


Macquarie submitted the only fully funded bid for MDW. However, the City of Chicago selected another bid that offered a higher price. Ultimately, the selected bid was abandoned as the bidder was unable to attract debt and equity financing, and had to forfeit its bid bond.