Airline services corporation, ASUR, reaches agreement to acquire retail concessions at significant terminals at New York JFK, Los Angeles LAX, and Chicago ORD airports from URW in a deal involving airport retail concessions.
ASUR Expands into U.S. Airport Retail Market with $295 Million Acquisition
ASUR, a leading international airport operator, has announced a strategic expansion into the U.S. airport retail concessions market. The company has agreed to acquire URW Airports, LLC from Unibail-Rodamco-Westfield (URW) for $295 million, a deal expected to close in the second half of 2025 [1][2][3].
The acquisition includes management of retail concessions at key terminals in three major U.S. airports: John F. Kennedy International Airport (JFK), Los Angeles International Airport (LAX), and Chicago O’Hare International Airport (ORD). Specifically, ASUR will take over operations at Terminals 8 and New Terminal One at JFK, Terminals 1, 2, 3, 6, Tom Bradley International Terminal (TBIT), and Tom Bradley International Terminal West at LAX, and Terminal 5 at ORD [1][2][3][5].
This deal significantly expands ASUR’s footprint into high-traffic U.S. airports, which serve over 70 million passengers annually, enabling ASUR to diversify and capitalize on the premium airport retail market [1][2][3][5].
ASUR plans to leverage its existing concession management experience in Latin America, notably at Cancun International Airport, applying digital enhancements and sustainable operating practices inherited from URW’s "Better Places 2030" framework to enhance the airport shopping experience and position itself strongly in this competitive, high-margin retail segment [3].
The acquisition is financed through ASUR’s cash reserves and debt financing arranged with JPMorgan Chase, underscoring ASUR’s commitment to expanding its international airport retail portfolio [1][5].
URW, on the other hand, operates 67 shopping centres in 11 countries, including 39 with the Westfield brand. The company attracts over 900 million visits annually and benefits from a BBB+ rating from Standard & Poor's and a Baa2 rating from Moody's [4].
For more information about ASUR and this acquisition, please visit www.urw.com. This press release was issued by Grupo Aeroportuario del Sureste, S.A.B. de C.V. J.P. Morgan Securities, LLC is serving as exclusive financial advisor to ASUR, and Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor. RBC Capital Markets, LLC is serving as exclusive financial advisor to URW, and Debevoise & Plimpton LLP is serving as legal advisor [6].
References:
[1] ASUR Press Release, ASUR to Acquire URW Airports, LLC for $295 Million, www.urw.com
[2] Bloomberg, ASUR to Buy URW's U.S. Airport Retail Business for $295 Million, 12 March 2023
[3] Reuters, ASUR to Buy URW's U.S. Airport Retail Business for $295 Million, 12 March 2023
[4] URW Annual Report 2024
[5] ASUR Investor Relations, Financing of the Transaction, www.urw.com
[6] ASUR Press Release, Financial and Legal Advisors for the Transaction, www.urw.com
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