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Brazilian Airport Concessions
In June 2011, LeighFisher was retained by Estruturadora Brasileira de Projetos, an agency tasked with attracting private investment and expertise to certain public infrastructure assets in Brazil, to provide a full suite of “sell side” advisory services associated with the concession of three airports in Brazil—São Paulo-Guarulhos, Viracopos-Campinas, and Brasília international airports.
The airports are owned by the Government of Brazil and operated by Empresa Brasileira de Infra-Estrutura Aeroportuária (Infraero), the government corporation responsible for Brazil’s commercial airports. São Paulo-Guarulhos International Airport, the largest airport in Latin America, is the main international gateway to Brazil. Between 2005 and 2010, passenger traffic at the three airports increased an average of 12.3% per year.
LeighFisher provided the following services:
- Prepared comprehensive airline traffic forecasts for each of the three airports
- Prepared conceptual master development plans for each airport
- Prepared comprehensive business plans and financial models for each airport for a 30-year forecast period
- Coordinated with the nation’s aviation regulator, Agência Nacional de Aviação Civil, to develop an economic regulatory system for the three airports that reflects existing legal and regulatory constraints, and includes global airport industry best practices regarding airport economic regulation
- Prepared an Information Memorandum on each airport for potential investors
As part of facilities planning and economic analysis, widely ranging airport development alternatives were tested for physical and economic viability. Significantly upgraded facilities are required, particularly at São Paulo-Guarulhos International Airport, in advance of the 2014 FIFA World Cup, which will be hosted by Brazil, as well as the need to accommodate long-term aviation demand in the country.
LeighFisher’s analyses provided guidance and information to potential investors, and provided guidance to the Brazilian government in its policy decisions regarding the airport concession process. LeighFisher’s work was an instrumental component of the bid package for each airport. On February 6, 2012, at the conclusion of the airport auctions, the Government of Brazil celebrated a very successful process. For São Paulo-Guarulhos, 10 bids were received, with the winning bid at R$16.2 billion; for Brasília, 8 bids were received, with the winning bid at R$3.5 billion; and for Viracopos-Campinas, 4 bids were received, with the winning bid at R$3.7 billion.