GIC consortium wins Brazilian road auction for $366b
They are expected to invest $4.65b over 30 years.
Bloomberg reports that a consortium formed by sovereign wealth fund GIC and Brazilian private equity firm Patria Investments won the right to operate a 1,273-km road stretch between the cities of Piracicaba and Panorama in Sao Paulo, Brazil for $365.74m (BRL1.1b).
The consortium is expected to invest about $4.65b (BRL 14b) in the next 30 years.
The minimum bid was $4.99m (BRL15m), according to state transport regulator Artesp. Toll-road operator EcoRodovias Infraestrutura & Logistica SA was the only other bidder, offering $175.24m (BRL527.05m).
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