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Argentine-Armenian billionaire to pass baton to nephew in airport IPO

Argentine-Armenian billionaire to pass baton to nephew in airport IPO

PanARMENIAN.Net - When the bell sounds in New York later this month for the initial public offering of Argentine-Armenian mogul Eduardo Eurnekian’s airport business, the man ringing it will probably be his nephew Martin Eurnekian, Bloomberg reports.

It will be more than a symbolic move. The share sale represents a key milestone in the billioaire's long and varied career, as he passes the baton of his billion-dollar business to his chosen successor.

“I am doing this IPO, but that doesn’t mean I’m in charge -- the one who manages the airports is my nephew,” Eurnekian said during an interview in his Buenos Aires office. “I will oversee this deal this month, and my career in airports will be complete.”

Eurnekian’s closely held Corporacion America Airports SA, which owns concessions to operate 51 airports worldwide, is looking to sell as much as $750 million of shares between late January and February, spokeswoman Carolina Barros said Wednesday, January 10.

It will also mark the start of a new phase for Eurnekian, though the 85-year-old entrepreneur -- who says he still swims and practices yoga every day -- won’t be retiring out of sight.

The son of Armenian immigrants who fled the genocide in the early 20th century said that handing over day-to-day operations will free him up to explore new areas of business.

The second richest person in Argentina and one of the wealthiest in the entire South America, Eurnekian was awarded the title of the National Hero of Armenia in Semteber 2017.

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