Our partner Diogo Nebias was featured in an article by Valor Econômico S/A on the conclusion, by the Ministry of Ports and Airports, of the phase of presenting the concession of Galeão International Airport to investors, with six companies taking part in virtual and in-person meetings at the ANAC office in São Paulo.
The auction is scheduled for March 30, at B3, with a minimum bid of R$ 932 million (payable upfront).
To bring more clarity to what is at stake, Diogo noted: "Considering the difficulties of the previous concession and its readjustments, interested parties should be cautious in analyzing returns against the need for investments in capacity and operations, combined with the obligation to pay the concession fee."
From a technical standpoint, a few points need to be clear:
- The assisted auction improves the decision-making process by bringing forward discussions on the model, contractual guidelines and operational/economic outlook, and by allowing written requests for clarification.
- This is a restructuring case based on an agreement before the TCU, involving MPor, ANAC and the concessionaire RIOgaleão (Changi and Vinci, 51%), with Infraero (49%) exiting after the sale.
- The market will look at the economic and contractual "hard core": returns versus (i) investments in capacity and operations and (ii) the concession fee obligation, precisely the trade-off pointed out by Diogo.
The next step is the public clarification session on February 26, at 10 a.m., with an online broadcast.
We will continue to follow developments in the Galeão process and their impacts on investors, operators and lenders in the infrastructure sector.
