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            february 23, 2018

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Delta to acquire additional 32% of Aeromexico


Delta Air Lines has moved forward with a cash tender offer to acquire up to an additional 32% of Grupo Aeromexico’s outstanding shares.
Delta said it is offering MXN53 ($2.60) per share. That is higher than the tender price of MXN43.59 per share Delta had said in 2015 it planned to offer for the shares, though the US dollar figure ($2.60) remains the same. ATW calculated that acquiring 32% of Aeromexico’s outstanding shares at MXN53 per share will cost Delta about $590 million.
Atlanta-based Delta acquired a 4.17% stake in Mexico City-based Aeromexico for $65 million in 2012.
The latest share purchase move follows Delta and Aeromexico gaining regulatory approval for an antitrust-immunized transborder joint venture (JV).
Delta also holds options to acquire an additional 12.8% of Aeromexico’s shares, meaning that following the completion of the new tender offer, Delta would own and/or have options to acquire up to a total of 49% of Aeromexico.
“The tender offer and investment will further strengthen the relationship that will be established when our joint cooperation agreement is implemented in the [2017] second quarter,” Delta CEO Ed Bastian said in a statement.


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