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Brazil's Patria beats Ecorodvias in Sao Paulo highway auction
March 10, 2017 / 2:59 PM / 8 months ago

Brazil's Patria beats Ecorodvias in Sao Paulo highway auction

SAO PAULO, March 10 (Reuters) - Brazilian investment fund Patria Infraestrutura III won the rights to operate several highways in western Sao Paulo state on Friday, beating out toll road operator Ecorodovias Infraestrutura e Logisitica SA .

Patria’s winning bid of 917 million reais ($290 million) was more than double the minimum of 397 million reais and well above the Ecorodovias bid of 611 million reais. Patria is obliged to invest 3.9 billion reais in the 570 kilometers (350 miles) of highway it will run for 30 years, including 2.1 billion reais to be invested in the first eight years.

$1 = 3.16 reais Reporting by Alberto Alerigi Jr.; Writing by Brad Haynes; Editing by Chizu Nomiyama

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