The Brazilian government has initiated the informational process that will culminate in the sale auction of Rio de Janeiro Galeao International Airport (GIG) on March 30.
The Brazil Ministry of Ports and Airports said it has opened meetings with potential private investors interested in the private-public partnership concession to manage Brazil’s third-largest airport. The minimum bid in the March 30 auction has been set at BRL932 million ($177 million).
Previously, Singapore’s Changi Airport Group held 51% of RIOgaleão, the consortium that has been operating GIG since 2014. Changi retains a minority share, but last year sold the majority of its stake to asset management firm Vinci Compass.
State-owned airport management company Infraero holds 49% of RIOgaleão, which has kept the government involved in the airport’s management. But Infraero will give up its share and exit management of GIG after the sale is completed, creating a more fully privatized concessionaire.
Instead of the Brazilian government having a direct stake, the new concessionaire will pay the government 20% of its gross annual revenue until 2039.
The Ministry of Ports and Airports has said the sale auction will be open to the market. Changi and Vinci Compass will be able to participate in the auction if they choose, but will be held to the same BRL932 million minimum bid requirement to be players.
The “roadshow” meetings providing information to investors are taking place this week online and in person at the offices of Brazil’s National Civil Aviation Agency in Sao Paulo.
“Rio is trending at the moment,” GIG Director of Aero Business Patrick Fehring recently told Aviation Week. “We’re seeing record tourist numbers, with international visitors at a historical high.”
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