Invepar plans to draw investor for Guarulhos Airport
Invepar is looking for an investor for the Guarulhos International Airport, in São Paulo, sources say. Goldman Sachs, which has the mandate for the deal, has already started approaching potential investors interested in investing more than R$1 billion in the business. Hedge fund manager Farrallon and CCR are evaluating the business, sources say.Talks are at an early stage, people familiar with the matter say. The investment bank is in search of potential investors for Invepar.Despite the pandemic blow, Guarulhos airport is seen as one of Brazil’s main infrastructure assets and an attractive one for investors.The current concession, which runs until 2032, is controlled by Invepar, with 51% of the shares. The South Africa Airports Company group had a minority stake in the business, but sold its stake in July after a global push to streamline operations in the midst of the crisis. The remaining 49% of the contract belongs to state-owned airport operator Infraero.The company’s partners, each with 25%, include pension funds Previ (Banco do Brasil), Funcef (Caixa Econômica Federal) and Petros (Petrobras), besides the investment fund Yosemite, which brings together developer OAS creditors.Before the pandemic, Invepar was already looking for alternatives to grow again and take advantage of the current cycle of opportunities in the infrastructure sector. However, the market’s assessment is that, with the exit of OAS, the company was left without a command and a shareholder with a strategic view for a new expansion.There is no room for capital injection from the current group of partners, a source familiar with the matter said. FIP Yosemite, formed basically by vulture funds, has no intention of injecting capital into the company. This limits any contribution from pension funds, which have restrictions and cannot exceed a 25% stake in the business. Therefore, the entry of a new strong partner was already seen as a likely way out.The company even received some firm proposals for acquisition, such as those from the management company IG4 Capital, but none moved forward, largely due to pension funds’ refusal to accept the price offered at the time. The talks fell apart, sources say.Farallon, a potential interested party in the business, already has a history in the infrastructure sector. Besides taking over Invepar’s operations, the company also took over Rota...
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