Vinci debuts in highways, foresees expansion in Brazil
The French group Vinci and the investment management company Pátria plan to continue expanding their operations in the Brazilian infrastructure market, according to Belen Marcos, global CEO of Vinci Highways, and Roberto Cerdeira, partner of the investment management company. The French company has just debuted in the highway sector in the country with the acquisition of 55% of Entrevias, a concession won by Pátria in 2017 that operates roads in the Central-West region of São Paulo.The sale, whose value was not disclosed, will still go through approvals from authorities. It is expected to be completed within three to four months.For Vinci, this is only the first step in the sector, which has been in the group’s planning for some time. For Pátria, the divestment does not mean an exit from the highway market.The French group has been active in infrastructure in Brazil since 2017, when it won the concession for the Salvador airport. Since then, it has also won the auction of a regional block of airports in the North region in 2021."We have been looking at the Brazilian highway market for some time. Sometimes it is a matter of finding the right asset. When we started talking with Pátria, we realized that Entrevias could fit our requirements. It is a contract that is entering a moment of greater maturity, is well-operated, and has the appropriate size and remaining term. And São Paulo is a growing state, with a good history of concessions," says the executive.The company’s goal is to continue expanding in the country, both in airports and highways. "We will certainly look at new investments in Brazil. There is a big pipeline to come. It is a country that will have a lot of growth. When we go into a region, if we are comfortable working with it and if the project does well, in general, our goal is to have a long relationship with the country. We are long-term investors," said Ms. Marcos.She says, however, that for now there are no specific targets, and that everything will depend on the assets that come to the market. "At the moment, our focus will be to finalize the operation. It is too early to talk about future targets. We have to conclude this operation first."On Pátria’s side, the sale of Entrevias does not indicate that the company is not interested in the Brazilian highway market, said Mr. Cerdeira. "Divesting is part of our business. Whenever the asset is mature enough, we will evaluate it. In this case, we found a good partner, so we...
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