Brazil's CCR set to embark on new era
Brazilian infrastructure company CCR is preparing to enter a new era as the aftermath of the Lava Jato corruption probe into several conglomerates continues to impact the sector.
CCR, which is controlled by construction groups Andrade Gutierrez, Mover and Soares Penido, is expected to see changes in its shareholder structure.
Andrade Gutierrez announced on Friday that local private equity fund IG4 Capital offered 4.6bn reais (US$890mn) to acquire its 14.86% stake in CCR.
Mover holds another 14.86% and Soares Penido 15.05%, and the three form CCR’s controlling block. Andrade Gutierrez and Mover, formerly Camargo Corrêa, were heavily involved in the Lava Jato scandal and have suffered a severe drop in revenues in recent years as a result.
"Today we have a change in the profile of infrastructure operators. This wave started with the small companies taking over the participation in projects of companies involved in Lava Jato, then we saw large international companies and investment funds assuming this role, as they are companies with higher governance rules," Rodrigo de Pinho Bertoccelli, an infrastructure-focused lawyer at Felsberg Advogados, told BNamericas.
CCR is a holding company created in 1998 to manage concessions through four business units: highways, airports, urban mobility and services.
Recently, the company expanded its footprint, assuming more concessions for airports and railroads.
"The entrance of a fund like IG4 Capital will give even more oxygen for CCR to continue advancing in new concessions, because it’s a stronger shareholder in terms of financial conditions than the construction companies that form the controlling block," Carlos Daltozo, head of equity analysis at Eleven Financial Research, told BNamericas.
On April 20, CCR won the concession to operate São Paulo state’s commuter train lines No. 8 and No. 9, beating three other contenders even as the urban transport segment is being battered by the pandemic. It offered a fee of 980mn reais.
Also in April, CCR was the biggest winner in the federal government’s airport auction, being awarded 15 terminals for 2.18bn reais.
Andrade Gutierrez, as part of the shareholder accord, said with the IG4 Capital offer, its partners have the right to present a higher offer within the next 60 days.
LAVA JATO
The Lava Jato corruption probe investigated wrongdoing in contracts signed by conglomerates with federal oil firm Petrobras and contracts in various other areas.
Launched in 2014 and concluded earlier this year, Lava Jato resulted in various jail sentences and fines for companies and executives.
Various other companies involved in Lava Jato are also losing ground, including Odebrecht, which is now called Novonor.
Last year, Spanish group Acciona reached an agreement with the Move São Paulo consortium to take over the PPP contract for construction of São Paulo’s metro line No. 6, a 15bn-real project.
Firms comprising Move São Paulo, including Odebrecht Transport, Queiroz Galvão and UTC, came under scrutiny in 2016 amid the graft scandal, generating financial problems that saw them abandon the project and works were halted.
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