Chinese conglomerate negotiates to buy stake in airport in Brazil

19 April 2017

The HNA Airport Holding Group Co Ltd is negotiating the purchase of the stake that Odebrecht group owns in Galeão Airport in Rio de Janeiro, the second busiest in Brazil, according to a report from Reuters.


The Chinese company, which is part of the HNA Group Co Ltd conglomerate, is currently assessing the value of the stake of about 30% the Odebrecht group controls at the airport.


The Odebrecht Group and Changi Airports International Pte Ltd of Singapore own 51% of Galeão Airport, and the remaining 49% is in the hands of Brazilian airport manager Empresa Brasileira de Infra-estrutura Aeroportuária (Infraero), established in 1972 to operate the main commercial airports in the country.


As a condition to complete the deal, the two partners have to put 900 million reais (290 million dollars) in the vehicle company that manages the airport, which covers outstanding payments.


This sale is part of a disposal of assets of the Odebrecht group, which has been involved in a large corruption scandal, in order to pay off liabilities of 76 billion reais (about US$25 billion).


The Galeão international airport in Rio de Janeiro, began to be managed by the private consortium (51%) made up of Brazilian construction company Odebrecht Transport and Changi Airports International, of Singapore, in August 2014. (macauhub)