May 10, 2017 / 10:47 PM / a year ago

UPDATE 1-Corporación América eyes stake sales for Brazil airports -paper

(Adds comment from Corporación América)

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.

Corporación América confirmed in an emailed statement that it was looking for “new partners to consolidate its growth in the country in the short and long term.”

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

Valor did not specify how it obtained the information about the stake sale plans.

Corporación América said it intends to continue expanding in Brazil, making additional investments in the two airports and participating in future opportunities presented by the government. Corporación América said it has not reached a final deal and did not comment on the terms of potential partnerships.

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 and Leslie Adler)

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