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).

Shares of Ecorodovias, which offered to pay 527 million reais, were down 0.5% after the auction.

Patria and GIC must invest 14 billion reais in the roadway to improve its infrastructure and services, according to the concession rules.

Otavio Castello Branco, a partner at Patria, said in a statement that the fund manager intends to continue to invest in Brazilian roadways.

The so-called Pipa is the largest public road concession ever put up for auction in Brazil.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.