Corporación América Airports Receives $91.2M Arbitration Award Payment from Peru
CAAP sits 73% above its 52-week low of $15.01.
Summary
Corporación América Airports announced that its indirectly held joint venture, Kuntur Wasi, received a US$91.2 million arbitration award payment from the Government of Peru, resolving a long-standing dispute.
Key Events · Legal and Risk Events · CAAP
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Arbitration Award Payment Received
Sociedad Aeroportuaria Kuntur Wasi S.A., in which CAAP holds an indirect 50% equity interest, received a payment of US$91,205,056 from the Republic of Peru.
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Resolution of Concession Dispute
The payment relates to a final award issued by the ICSID Arbitral Tribunal, arising from the arbitrary termination of the concession agreement for the new Chinchero International Airport.
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Significant Cash Inflow
CAAP's indirect share of the award is approximately US$45.6 million, which will be reflected in the Company's financial statements.
Analysis · CAAP · Energy & Transportation
The receipt of this significant arbitration award payment, stemming from an arbitrary termination of a concession agreement, provides a substantial cash inflow to Corporación América Airports. With its 50% indirect equity interest in Kuntur Wasi, CAAP's share of the award is approximately $45.6 million. This resolution removes a legal overhang and strengthens the company's financial position, reflecting a positive outcome from international arbitration.
At the time of this filing, CAAP was trading at $26.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $15.01 to $27.76. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.