Brazilian Airport Concession Contracts Signed on June 14, 2012
The Brazilian Federal Government, and its National Civil Aviation Agency (ANAC), signed concession contracts with three distinct consortia for each of the auctioned airports in Garulhos, Campinas, and Brasilia which together comprise some 30 percent of all civil aviation traffic, 65% of all international passengers, and 57% of all air cargo in Brazil. The government hopes to expand and improve airport infrastructure and management with these concessions and through performance benchmarking in line with international airport standards.
The winning consortia are largely made up of Brazilian capital and companies, including Previ-the large Banco do Brasil pension fund and Petros, the pension fund of Petrobras, as well as participation from Argentine and French private enterprises (see summaries below). In addition, the Brazilian government agency Infraero will hold minority stakes in all three consortia and provide oversight over the administration of each contract.
International Airport of Governador André Franco Montoro (Guarulhos/SP)
Consórcio Invepar ACSA (51%) e Infraero (49%) Concession period: 20 years Final Price: R$ 16,213 billion
90 percent of INVEPAR’s ownership is held by government employee pension funds. The Banco do Brasil’s Previs holds a 36.85% interest, followed by Petros of Petrobras with a 25% stake, and the pension fund of the Caixa Econômica Federal with 20.48% interest. Although these are government employee pension funds, they have been historically controlled by the Brazilian Presidency. In addition to these interests, the Bahian contractor OAS holds a 17.67% of the holdings. This is the first time that INVEPAR has made an investment in airports, although it does operate many different freeways in Brazil as well as the metro in Rio de Janeiro.
International Airport of Juscelino Kubistchek (Brasília/DF)
Inframérica (51%) e Infraero (49%)
Inframérica is composed of the Brazilian Infravix Participações (50%) and the Argentine Corporação América (50%) Concession period: 25 years Final Price: R$ 4,51 billion
Infravix is a subsidiary of the Engevix group, specializing in large infrastructure and ports. Already, Engevix has participated in some 15 Brazilian airport construction projects, including Galeão in Rio de Janeiro, Confins in Belo Horizonte, and Congonhas in São Paulo as well as the Brasilia airport. Engevix was founded in 1965 and also provides a host of services throughout the Brazilian economy, including energy, oil and gas, chemicals, petrochemicals, and infrastructure projects; and operates in Angola, Mexico, and Peru as well. In 2010 the company had $R 3 billion in sales.
Corporação América is an Argentine holding company that is active in airports, infrastructure and energy projects through Argentina, and also operates in Uruguay, Equador, Peru, Armenia, and Italy. It holds an 89 percent stake in Aeropuertos Argentinos 2000 which operates most of Argentina’s passenger and air cargo system.
Internacional Airport of Viracopos (Campinas/SP)
Aeroportos Brasil (51%) e Infraero (49%) Concession period: 30 years Final Price: R$ 3,821 bilhões
The winning consortium is formed by three enterprises; TPI - Triunfo Participações (45%), UTC Participações S.A. (45%), and Egis Airport Operation (10%).
Triunfo Participações was founded in 1999 and currently has concessions for several Brazilian freeways in the South and Southeast regions, including those controlled by its subsidiaries, Concepa, Concer, and Econorte. The company also is active in ports and hydroelectric facilities.
UTC is an industrial engineering firm founded in 1974 and active in oil and gas production and refining, energy, steel, pulp and paper, construction, and industrial maintenance.
EGIS is a French headquartered airport management company that operates eleven airport concessions throughout the world, with annual traffic over 13 million passengers and receipts over $31.4 million Euros.