Delta moves to buy additional 32% of Aeromexico for $590m

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Delta moves to buy additional 32% of Aeromexico for $590m

Postby Greg on Tue Feb 14, 2017 11:12 am

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.

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