Singapore's GIC, Patria Investments win auction to operate Brazil highway

Singapore's GIC, Patria Investments win auction to operate Brazil highway

Avenida Paulista, São Paulo, Brazil. Photo: Yuri Catalano/unsplash

A consortium formed by Brazilian private equity firm Patria Investments and Singapore’s state investor, GIC, on Wednesday won an auction to operate for 30 years a highway in the Brazilian state of Sao Paulo after a bid of 1.1 billion reais ($270.42 million).

Patria, in which U.S. private equity firm Blackstone Group LP has a stake, competed with railway operator Ecorodovias Infraestrutura e Logistica SA for the Piracipacaba-Panorama roadway, which runs for 1,273 km (791 miles).

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