Singapore Changi, Odebrecht to Buy Rio Airport for $8.3 Billion

Brazil sold the country’s second-busiest airport for almost four times the minimum bid as part of President Dilma Rousseff’s program to modernize infrastructure and shore up investor confidence.

Odebrecht SA and its partner, a Changi Airport Group unit, offered 19 billion reais ($8.3 billion) to run Galeao airport in Rio de Janeiro, which will host tourists for the soccer World Cup next year and the 2016 Olympic Games, for 25 years. That compares with the minimum required bid of 4.83 billion reais. The contract is expected to be signed in March, Changi Airports International said in an e-mailed statement today.