How the government intends to rebalance the Galeão airport concession

Rio de Janeiro's Galeão Airport may soon have a new owner. The National Civil Aviation Agency (ANAC) has paved the way for the assisted sale of the concession by opening a public consultation to define the transfer rules for control of the concessionaire RIOgaleão. The public input period runs until November 5th.

Currently, the concession is divided between Changi, which holds 51% of the airport, and Infraero, which holds the remaining 49%. According to the contract signed in 2013, this model was to continue until 2039. However, the Singaporean company requested a way out from the federal government to financially balance the agreement, which was strained by the COVID-19 pandemic and the increase in flights at Rio's other airport, Santos Dumont.

In 2022, Changi attempted to return the concession , but the following year declared its intention to continue with the airport, provided it was in a more advantageous manner. By consensus, the concessionaire, ANAC, and the Ministry of Ports and Airports (MPor) reached an agreement with the Federal Court of Auditors (TCU) in June of this year to renegotiate the contract.

According to the documents released by ANAC for the assisted sale of Galeão Airport, including the draft notice and renegotiation terms, the minimum auction value will be R$932.8 million , with an annual variable contribution equivalent to 20% of the concession's gross revenue. Under the new administration, Infraero will fully relinquish its stake in the project.

Having demonstrated its intention to continue managing the airport, Changi will need to submit the minimum bid. If Changi's proposal is not among the three highest or within 90% of the highest bid, the Singaporean company will not be able to proceed with the auction. There is no set date for the auction yet , but ANAC estimates it will be held in the first quarter of 2026 at B3, the São Paulo Stock Exchange.

Changi prepares financially for the Galeão Airport auction

In late August, Changi announced an agreement with the Vinci Compass fund to sell 70% of its stake in Galeão Airport. The deal is still awaiting approval from the Brazilian Antitrust Authority (CADE). If approved, the Singaporean company will enter the auction with approximately 15% control of the airport concession.

This way, Changi will be able to strengthen its financial standing to submit the minimum bid and compete with potential other bidders for the Rio airport. Furthermore, Vinci Compass and Changi could jointly bid, which would give the fund 85% control of Galeão.

The two companies' interest is explained by the terms of the new contract, which includes the exemption from the construction of a third runway . The key point, however, is the movement restrictions imposed by the federal government at Santos Dumont Airport, which have given the Ilha do Governador terminal a breathing space.

The current capacity of Rio de Janeiro's central airport is limited to 6.5 million passengers per year. As a result, passenger traffic at Galeão Airport in 2024 was 82.4% higher than the previous year, when the federal government had not yet acted to balance the two terminals. In contrast, traffic at Santos Dumont Airport fell 46.4% in the same period.

Under the agreement approved by the Federal Audit Court (TCU) for the renegotiation, if the restriction is maintained, the new Galeão concessionaire will have to financially compensate the federal government for the economic benefits generated by the limitation. According to ANAC, the compensation takes into account the expected traffic growth at Santos Dumont: 8 million passengers in 2025, 9 million in 2026, 10 million in 2027, and free capacity from 2028 onwards.