Argentine billionaire Eduardo Eurnekian’s Corporación América holding company is bidding for all of Greece's airports as the group looks to expand in Southern Europe and take advantage of discount prices after the crisis.
Corp. America’s airport operating unit is bidding for 21 Greek airports, Martin Eurnekian, head of the division and a nephew of Eduardo, said in an interview in Davos on Jan. 22. The group, which is acquiring a 23 percent stake in Pisa, Italy’s airport this week, is also trying to complete a plan to integrate Tuscany’s airports by adding Florence, he said.
“We’re going to be very aggressive on all fronts,” said Eurnekian, 35, to Bloomberg. “A lot of opportunities have opened up after the crisis.”
Who is Eduardo Eurnekian
Eduardo Eurnekian was born to Armenian immigrant parents on 4 December 1932. His family established a textile manufacturer which prospered and became an important supplier to international sportswear firm Puma. The firm, like many Argentine textile makers, nearly collapsed after free trade and deregulatory policies led to a severe crisis, in 1981.
The Eurnekian family reportedly borrowed heavily from the former Argentine small business lender, BANADE, and in 1988, Eduardo Eurnekian purchased "Cablevisión S.A," then a failing local cable television station. His investment became increasingly lucrative during the 1990s when Argentina experienced financial and price stability during the 1990s. Then, in 1994, Eurnekian sold a 51% stake in Cablevision S.A. (by then Argentina's second-largest cable operator) for US$350 million and in 1997, netted US$320 million by selling most of his remaining shares.
Eurnekian also held controlling interest in "América TV", four radio stations and a Buenos Aires financial daily, El Cronista. In 1998, a consortium led by Eurnekian, called “Aeropuertos Argentina 2000,” won a 30-year concession to run 33 of Argentina's main airports. He also bought the Howard Johnson's master franchise in Argentina, and invested in the regional airline company LAPA.
Investments in Armenia
On 17 December 2001, Eurnekian's Corporación América signed a 30-year concession agreement with the Armenian government for the management of operations of Armenia's largest airport, Zvartnots International Airport. The company launched the construction of a new terminal which brought the airport into conformity with international standards. The total cost of the project was more than $50 million.
Eurnekian also unveiled plans to invest millions of dollars into the Armenian agribusiness sector setting up a joint venture with a local firm. Senior executives from Tierras de Armenia, a company belonging to Eurnekian, and the Max Group (owned by Harutiun Pambukian, a politician close to former president Robert Kocharian), reported a US$25 million joint venture to develop 60 km2 of arid land in the southern Armavir region into fruit orchards and a fruit processing plant.
Eurnekian has built an almost $1 billion media empire since the early 1990s and is now the majority owner of a consortium operating 76 airports worldwide, mostly in Argentina, South America, and Armenia. He also owns 2,000 square kilometres of land and food processing factories in northern Argentina. He has been awarded as the "Business Man of the year" in 1995. In 1999 he received in Italy the "Leonardo Award", given to the foreign businessman of the year. He also received the highest awards in Armenia for his activities.In 2012 he was awarded the Business for Peace award in Oslo, Norway.
Corporación América
Corporación América is an Argentine holding which has thrived on its dynamism and versatility to successfully develop completely diverse enterprises in highly competitive markets and in different parts of the world. The holding started out in the textile industry, covering the entire process from cotton-growing and spinning to designing and weaving.
It then entered the world of communications, creating a modern multimedia network, which included the best developed cable television system in Latin America, as well as radios, newspapers and broadcast television. Afterwards, the holding expanded into new activities:
Airports
It operates the airport and cargo terminals at forty-nine airports of Latin America and Europe. This activity comprises the airport operational and commercial management, as well as fuelling, cargo, and other related services.
Infrastructure
It is the road operator of over 1,200 km of routes in Argentina and constructor of road works, runways and airport terminals.
Energy
It has undertaken the installation of a complete-cycle biodiesel plant, with an annual output of 240,000 tons and an estimated 1 million tons over the following years.
Through its divisions, Unitec Energy and oil company CGC, it conducts hydrocarbon exploration and production operations, mainly in Latin America.
Agroindustry
It carries out the exploitation of over 100,000 ha of land in different provinces of Argentina, where a variety of crops are grown. Of these hectares 20,000 are equipped with computer controlled sprinkler irrigation. Additionally, it has 20,000 heads of cattle with state-of-the-art genetic technology and animals that have been recognized with the most important Argentine prizes. It has lands devoted to cereal, oilseed and grape growing. This know-how in the industry of agriculture has been transferred to other countries of the world.
Services
Corporación América leads the operations of one of the most important banks in Armenia and holds the concession of the official postal service in that country.
Technology
Since February 2013, Corporación América stands at the forefront of the region with the start up of Unitec Blue, South America's first nanotechnology factory, which specializes in the production of silicon, chips, smart cards and LED lighting.
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