Aeroméxico Board Members to Sell Shares Ahead of NYSE Listing

Eduardo Tricio Haro, Valentín Diez Morodo, Antonio Cosío Pando, and Jorge Esteve Recolóns, key board members and major shareholders of Aeroméxico (AM), are set to sell a portion of their shares in the carrier as part of its upcoming New York Stock Exchange (NYSE) debut, Bloomberg Línea reports. The group holds a combined 5.6 million shares, representing 4.1% of Aeroméxico’s total shares.

As part of their plan, these board members will divest 1.5% of the company’s outstanding shares. This move involves waiving transfer restrictions and associated penalties, specifically a USD20 million penalty provision in the company’s restructuring plan. This provision had previously prohibited the sale of shares to non-Mexican investors before March 17, 2027.

The agreement, finalized on June 3, allows for the sale of these shares while maintaining transfer restrictions on the remaining shares held by the investors. These restrictions, including penalties for any violations, will continue to apply.

Currently, Apollo Global Management leads Aeroméxico’s ownership with a 22.4% stake, followed by Delta Air Lines with 20%, Banco Actinver Trust at 5.9%, and several funds including Silver Point Capital (9.7%) and SVP Funds (7.7%). The four Mexican investors will retain their remaining shares under the existing restrictions.

In May 2023, Aeroméxico announced its plans to list on the NYSE, aiming to raise up to USD300 million through an initial public offering (IPO). This move follows the company’s delisting from the Mexican Stock Exchange (Bolsa Mexicana de Valores – BMV) in December 2022, during its Chapter 11 bankruptcy proceedings. The IPO will involve the sale of American Depositary Shares (ADSs), though the company has yet to disclose the price range for the offering.

Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com