May 10, 2017 / 1:56 PM / a year ago

Corporación América eyes stake sales for Brazil airports -paper

SAO PAULO, May 10 (Reuters) - Argentina’s Corporación América SA will take bids for minority stakes in both its Brazilian airports by the end of May as it seeks funds to expand in the country, newspaper Valor Econômico said on Wednesday.

According to the report, the company has hired Itaú Unibanco Holding SA’s investment banking unit to explore a sale of up to 49 percent in each of the international airports serving Brasília and Natal.

Brazilian subsidiary Inframérica Participações SA is currently sole owner of operating licenses for both airports.

Valor did not specify how it obtained the information about the stake sale plans. The paper said Corporación América confirmed it was looking for partners but had not reached a final deal.

Representatives for Corporación América were not immediately available for comment.

Corporación América intends to continue expanding in Brazil through additional investments in the two airports and participating in future auctions, Valor reported.

The plans underscore increased appetite for Brazilian airports after a successful auction earlier this year kicked off President Michel Temer’s ambitious privatization program. The government has said it could sell off operating licenses for at least 10 more airports as soon as next year. (Writing by Bruno Federowski; Editing by Lisa Von Ahn)

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