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2010 Deal of the Year: Latin America
08 March 2011
Volaris wins $161.3 million backing from private equity.
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Volaris
Indigo Partners
Evercore Partners
Volaris stays in the game
The darkest moment of the night is right before the sun rises. And when the going gets tough – the tough go to bed.
In February 2010 Sinca Inbursa, owned by Carlos Slim, the richest man in the world, and Televisa, the largest Spanish language media group, decided to sell their 50% combined stake in Mexican low-cost carrier Volaris to Interjet.
Feeling that Interjet’s offer was low for what the company was worth, the airline and the remaining shareholders exercised their right of first offer to repurchase the shares. They were given 90 days to raise the required capital – or risk it...
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