CASE STUDY:
Acquisition and Merger of Two Airports
BRIEF:
Acquisition of multiple majority stakes in two international airports by multi-national PE firm.
ROLE OF MAX2:
A majority owner of both airports with multiple minority partners at each asset was selling their stake in two airports in different countries in LATAM.
Max² was engaged to evaluate compliance of information security and concession reporting along with general cybersecurity diligence pre-closing.
WHAT WAS DELIVERED?
Because of confidentiality concerns among the ownership group, passive methods were required to gauge relative cyber risk and compliance at each asset.
Several risks were identified that the PE firm would be required to address to meet regulations of each nation’s aviation authorities along with internal governance requirements.
Communications systems with airline systems and airport vendors was identified as a critical risk with mitigation plans developed for post-closing.
OUTCOME:
Transaction still pending definitive documents; bid adjusted based on post-closing cost estimates.
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