Grupo Aeroportuario del Pacífico (PAC) received shareholder approval to merge its Cross Border Xpress (CBX) terminal and its technical assistance and technology transfer services into the parent company. The ordinary and extraordinary general shareholders’ meeting held on December 11, 2025 recorded a 96 % vote in favor, with an 88.1 % quorum. The transaction will issue roughly 90 million net new shares, increasing the total outstanding shares from about 505 million to 595 million—a 17.8 % rise that will dilute existing ownership but provides the capital needed for integration and future growth.
The merger is a cornerstone of PAC’s “GAP 2.0” strategy, which seeks to strengthen its regulatory moat, broaden its non‑aeronautical revenue base, and simplify governance across its 12 Mexican Pacific airports and two Jamaican locations. CBX is a dollar‑denominated terminal that drives passenger traffic at Tijuana International Airport and offers direct exposure to the California market, while the technical assistance unit provides essential support and technology transfer services across PAC’s portfolio. By internalizing these functions, PAC expects to capture cost savings of roughly 5 % of Mexican airport EBITDA—about $50.8 million in the last 12 months—while improving operational leverage and margin stability.
Financially, the share issuance will dilute current shareholders but also positions PAC to fund the integration of CBX and the technical services unit. Management projects that the internalization of technical services will generate significant cost savings and contribute to margin expansion. The merger also consolidates assets under a single corporate structure, reducing administrative overhead and aligning incentives across the airport network.
CEO Raul Revuelta said the move “will unlock substantial value by bringing CBX and our technical services under one roof, allowing us to streamline operations and realize cost efficiencies.” CFO Saul Villarreal added that the expected savings “will strengthen our balance sheet and support future capital investments in airport infrastructure.”
PAC’s recent financial performance provides context for the merger’s strategic importance. In Q3 2025, total revenue rose 16.3 % YoY to $2.89 billion, while the EBITDA margin contracted to 64.3 % from 66.9 % in Q4 2024, largely due to higher concession fees. The merger is designed to offset such margin compression by capturing internal cost savings and expanding non‑aeronautical revenue streams.
Looking ahead, PAC plans to integrate CBX and the technical assistance unit over the next 12 months, leveraging the combined capabilities to support growth initiatives across its Pacific‑coast and Caribbean airports. The unified platform is expected to enhance operational synergies, improve cost efficiency, and position PAC for sustained long‑term profitability.
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