Guarulhos Airport

Active

Prospective

In February 2012, Consorcio Invepar was awarded in a competitive bidding process the contract to expand and operate the airport located at the city of Guarulhos (near Sao Paulo, capital of the state of Sao Paulo). Consorcio Invepar was established as a partnership of the Brazilian company Invepar Investimentos e Participacoes (90%) - a partnership of the construction company OAS, 25%, state-owned companies and banks pension funds, 75% - and the South African company Airport Company South Africa (10%). A special purpose company named Concessionaria Aeroporto Internacional de Guarulhos S.A. was created to manage the project, 51% owned by Consorcio Invepar and 49% owned by the state-owned company Infraero. The 20-year contract was signed with the regulatory agency in June 2012, and the private sponsors took over the operations of the facilities in December 2012. Besides Consorcio Invepar, ten other companies took part in the contest (information on these companies was not available). The bidding criteria set by the regulatory agency ANAC was the highest payment for the concession rights. Consorcio Invepar presented the highest offer, a total value of US$ 8306 million (BRL 16.213 billion), 373.5% above the minimum set by the regulatory agency. The payments were set to be made in annual installments over the life of the contract. The project envisaged the rehabilitation of two terminals and the construction of new terminals (the total capacity of the airport was set to increase to 60 million passengers per year). The total investment in the first phase of the project was estimated at US$ 1060 million (BRL 2.071 billion), and was financed with a US$ 614.8 million (BRL 1.2 billion) loan from the state-owned bank BNDES granted in December 2012. Over the life of the contract the total investment is estimated at US$ 2408 billion (BRL 4.7 billion). In March 2014, the sponsors issued two 12-year US$ 127.6 million (BRL 300 million) bonds with bookrunners Banco do Brasil, Bradesco and HSBC.

Transport

Brazil

World Bank Group

Project

Airport, Cable car, Aerospace & Defense, Government, Automotive, Commercial, Telecommunications