March 31 (Reuters) - Spain's Aena said on Tuesday that winning the right to run Rio de Janeiro's Galeao airport would make it Brazil's largest airport operator, serving about 28% of the country's
Aena Secures Galeao, Becoming Brazil's Largest Airport Operator
Aena's Strategic Expansion in Brazil
Winning the Galeao Concession
March 31 (Reuters) - Spain's Aena said on Tuesday that winning the right to run Rio de Janeiro's Galeao airport would make it Brazil's largest airport operator, serving about 28% of the country's passenger traffic.
The Spanish airport operator's bid of 2.9 billion reais ($552.3 million) won the concession auction to operate Brazil's third-busiest airport until 2039 on Monday. The deal is extendable by five years and gives Aena full control of the international hub.
Financial Performance and Projections
Galeao's Earnings and Profitability
In a call with analysts on Tuesday, Aena's finance chief said Galeao generated earnings before interest, taxes, depreciation and amortisation of nearly 500 million reais in 2024, with a margin of 48%, and that the airport had no debt.
"This transaction happens at a price that we are very comfortable with, and should generate value for all our shareholders and stakeholders," CFO Ignacio Castejon said.
Aena's Presence in Brazil
Existing Operations
Aena already operates several Brazilian airports, including Sao Paulo's Congonhas, the country's second-busiest.
Galeao's Capacity and Future Plans
Galeao handled about 18 million passengers last year and has total capacity of 37 million, Aena said. It added the concession would no longer require major expansion spending, such as the construction of a third runway.
Impact of Santos Dumont Cap
A 6.5 million passenger cap at Rio's Santos Dumont airport, which is expected to stay in place until the end of the concession, will support traffic at Galeao, the operator said.
Market Reaction
Shares of Aena were up nearly 1% at 25.76 euros as of 0920 GMT, broadly in line with Spain's blue-chip IBEX 35 index.
($1 = 5.2510 reais)
(Reporting by Mireia Merino in Gdansk; Editing by Milla Nissi-Prussak)
