Singapore-based Changi Airports International and Brazilian construction and engineering company Odebrecht SA have agreed to acquire Antonio Carlos Jobim International Airport (Galeão) in Rio de Janeiro, Brazil for R$19bn ($8.3bn).
The price is nearly four times more than the minimum bid of R$4.8bn, and 31% more than the second-place bidder.
A special-purpose vehicle will be formed to manage Galeão Airport. The consortium will own a 51% stake, while the remaining 49% is owned by Brazil’s state-run airport management company Infraero.
The capacity of the Galeão Airport is expected to increase to about 60 million passengers by the end of the contract.
Under the agreement, the consortium will operate, maintain and develop the airport with around R$5bn ($2.2bn) investment up to the end of the 25 year concession period.
Phase I of construction will feature the building of car parks and an additional 26 aerobridges by the end of April 2016.
CAI CEO Lim Liang Song said: "Together with our partners, we are committed to providing an airport infrastructure that provides passengers and visitors with a positive and enjoyable experience."
Odebrecht TransPort president Paulo Cesena said: "Our priority will be the rendering of high-quality services to the passengers and users, thus being able to achieve the best international standards.
"Additionally, we must focus immediately on the expansion of the Galeão Airport. Sharing the experiences acquired by Infraero, which will also be a member of the future concessionaire to be created, will be instrumental in the accomplishment of our targets."