Singapore Wealth Fund, Patria Win Brazil Road Auction
- Firms to operate 1,273-kilometer stretch in Sao Paulo state
- Concession foresees $3.4 billion investment over 30 years
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A consortium formed by Brazilian private equity firm Patria Investimentos SA and Singapore’s sovereign wealth fund GIC Pte won a road auction in the state of Sao Paulo, Brazil’s richest.
The winners, which are expected to invest about 14 billion reais ($3.4 billion) over 30 years, offered 1.1 billion reais for the right to operate a 1,273-kilometer road stretch between the cities of Piracicaba and Panorama. The minimum bid was 15 million reais, according to state transport regulator known as Artesp.