Our partner Diogo Nebias was featured in a Valor Econômico S/A article on the Ministry of Ports and Airports' completion of the phase presenting the Galeão International Airport concession to investors, with six companies taking part in virtual and in-person meetings at ANAC's office in São Paulo.
The auction is scheduled for March 30 at B3, with a minimum bid of R$ 932 million (cash).
To bring more clarity to what is at stake, Diogo observed: "Considerando as dificuldades da concessão anterior e readequações, os interessados devem ser cautelosos na análise de retorno frente à necessidade de investimentos em capacidade e operação somada à obrigação de pagamento da outorga." [Considering the difficulties of the previous concession and the readjustments, bidders should be cautious in analyzing returns against the need for investment in capacity and operations, combined with the obligation to pay the concession fee.]
From a technical standpoint, some points need to be clear:
- The assisted auction improves decision-making by bringing forward discussions on the model, contractual guidelines and operational/economic outlook and allowing written requests for clarification.
- This is a restructuring based on an agreement at 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": return versus (i) investment in capacity and operations and (ii) the concession fee obligation — exactly the trade-off Diogo pointed out.
The next step is the public clarification session on February 26 at 10 a.m., streamed online.
We will continue to follow developments in the Galeão process and their impact on investors, operators and lenders in the infrastructure sector.
Valor Econômico article: https://lnkd.in/dyAQqCsP
