By Brazil Stock Guide – Aena SME SA (AENA.SM) secured the concession for Rio de Janeiro’s Galeão International Airport after submitting a winning bid of 2.9 billion reais ($580 million) with a 210.88% premium, following an intense auction held Monday (30) at São Paulo’s B3 exchange.
The Spanish airport operator outpaced rivals including Zurich Airport International AG and the current concessionaire RioGaleão in a competitive open outcry process that featured 26 bidding rounds. Zurich Airport’s final offer reached 2.8 billion reais, while RioGaleão raised its bid to 1.88 billion reais before exiting the final stage.
The minimum bid set in the tender was 932 million reais, underscoring the aggressive pricing seen in the auction as operators competed for one of Brazil’s largest aviation hubs.
With the acquisition, Aena expands its footprint in Brazil, where it already operates 17 airports, including São Paulo’s Congonhas Airport, as well as terminals in Recife and Maceió. The company is also investing in modernization and expansion works at Congonhas, strengthening its position in Latin America’s largest aviation market.
The new concession contract includes a variable contribution equivalent to 20% of gross revenue through 2039. It also mandates the exit of state-owned Infraero from Galeão’s management by March 2026. Infraero currently holds a 49% stake in the RioGaleão concessionaire, alongside shareholders Vinci SA (DG.PA) and Changi Airport Group.
The auction marks a restructuring of the original concession granted in 2013, when a consortium led by Changi and Odebrecht won the asset with a 19 billion reais bid and a nearly 300% premium. The project later faced financial strain due to weaker-than-expected demand and the impact of the Covid-19 pandemic.
In 2022, Changi considered returning the concession, citing traffic shortfalls and macroeconomic challenges, before reversing course. To boost passenger volumes, the federal government restricted operations at Santos Dumont Airport, redirecting flights to Galeão.
Passenger traffic rebounded sharply as a result, with the airport handling 17.8 million travelers in 2025, up 125% from 2023 levels.
The renegotiation model adopted for Galeão aims to restore the economic balance of the concession while ensuring operational continuity. The approach is expected to serve as a template for other infrastructure assets facing similar challenges, including Brasília International Airport, operated by Inframerica SA.