Aerostar Airport Holdings has won the right to run Luis Munoz Marin Airport in San Juan, Puerto Rico, for the next 40 years.
Mexican company Aerostar already operates nine airports in Mexico, including Cancun.
The government-run Puerto Rico Ports Authority (PRPA) has been forced to offer the concession to counter the weight of long-term debt.
The airport is the busiest in the Caribbean, handling approximately nine million passengers a year.
Aerostar will make an upfront payment of $615 million to the ports authority.