Pinheiro Neto and Lefosse in Galeão airport sale
Pinheiro Neto Advogados advised Rio de Janeiro Aeroporto (RJA) on the sale of 100% of the share capital of Concessionária Aeroporto Rio de Janeiro (CARJ), which operates Rio de Janeiro’s Galeão International Airport, to Spanish airport operator Aena Desarrollo Internacional. Lefosse advised Aena.
The sale followed an assisted sale auction in which Aena submitted a bid of BRL 2.9 billion. RJA and Empresa Brasileira de Infraestrutura Aeroportuária (Infraero) held 51% and 49% of CARJ respectively, and both sold their entire interests. Aena paid a total of BRL 1,548,655,251.35 to RJA and Infraero. With the transaction completed, Aena has taken over the management and operation of Galeão International Airport, with the concession running until 2039.
RJA is an investment holding in the airport sector, while Infraero is a Brazilian state-owned airport management and operations company. Aena invests in infrastructure and manages and operates airports.
Pinheiro Neto advised RJA throughout the transaction. Its work covered the negotiation of the share purchase agreement and related documents, and the alignment of the contractual arrangements with the auction rules and applicable regulatory requirements. The firm also took part in extensive discussions with Brazil’s civil aviation regulator, ANAC, during the assisted sale process. It also coordinated the corporate approvals and other legal arrangements needed to implement the sale.
The Pinheiro Neto team for RJA was led by M&A partner Marcelo Viveiros de Moura. It also included M&A Associates Miguel Arraes and Bruno Cruz, Regulatory Counsel Gustavo Carneiro, and M&A Legal Assistant Pedro Henrique de Faria.
Lefosse advised Aena with M&A partners Lígia Padovani, Eduardo Carvalhaes and Pedro Simões, together with M&A Associate Beatriz Ghosn.
