(Bloomberg) -- 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.
Toll-road operator EcoRodovias Infraestrutura & Logistica SA was the only other bidder, offering 527.05 million reais. Shares fell following the results of the auction, along with CCR SA, which didn’t participate.
The auction, which had been scheduled for late November but was postponed due to an injunction, is part of a plan by states and the federal government to sell assets, making room for private investment in Latin America’s largest economy.
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