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Financials

GIC and Patria win auction to explore roadway in Brazil

SAO PAULO, Jan 8 (Reuters) - A consortium formed by Brazilian private equity firm Patria Investments and Singapore’s state investor GIC won on Wednesday an auction to explore for 30 years a roadway in the Brazilian state of Sao Paulo with a 1.1 billion reais ($270.42 million) bid.

Patria, in which U.S. private equity firm Blackstone Group LP has a stake, competed with railway operator Ecorodovias Infraestrutura e Logistica SA for the Piracipacaba-Panorama roadway, which has 1,273 km. Ecorodovias offered to pay 527 million reais.

$1 = 4.0678 reais Reporting by Aluisio Alves; Writing by Carolina Mandl and Chizu Nomiyama

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