CCR wins 15 airports after aggressive bids

Despite the worsening pandemic and the airline industry crisis, an airport auction held on Wednesday had competition in the three lots offered, bringing R$3.3 billion to the federal government coffers.

CCR grabbed the South lot, the most attractive one, by offering a fixed concession payment of R$2.13 billion, seen as an aggressive bid. The amount will be paid soon after the auction. The bid exceeded expectations of market players and government.

The group offered twice as much as the second place - Spanish Aena, which bid R$1.05 billion - and seven times more than the third place - Infraestrutura Brasil consortium, of asset manager Pátria. CCR's proposal had a 1,536% premium in relation to the minimum value defined in the public notice.

CCR also won the Central Block with an offer of R$754 million - a premium of 9,156% over the minimum value. The bid was well above those of competitors: consortium Central Airports, which includes Socicam, offered R$40.3 million, and Argentine company Inframérica offered R$9.8 million.

CCR will have to make R$4.66 billion in investments for the two lots. Besides the initial payments, which totals R$2.9 billion, there will also be annual variable concession payments.CCR CEO Marco Cauduro said the group has been studying the auction since 2019 and the offers are compatible with the expected return in the long term. "These are 30-year contracts, and the initial years [that should be impacted by the pandemic]

will do little to explain the course of future demand," he said.

The executive also said CCR's high bids will not affect the planning of the group, which has several other assets on its radar - the main one is the new Dutra highway concession.

"CCR is financially sound and is a listed company, with broad access to several financing instruments. Our appetite [in the auction] in no way affects the capacity to execute our strategic planning. The company has further interests and ambition in highways. The group is fully prepared from the technical and financial standpoint," he said.

With those 15 new airports won Wednesday, the group significantly expands its presence in the airport industry in Brazil. Currently, the company operates only the Confins airport, in Minas Gerais, in partnership with Zurich Airport. Abroad, it runs airports in Quito, Costa Rica and Curaçao.

Besides CCR, another winner in the auction was French company Vinci Airports, which took the North lot, considered the most...

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