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A Historical Auction Finally Happened After Years of Frustrated Attempts. The Famous and Feared BR-381, Known as the “Highway of Death,” Is About to Undergo a Gigantic Transformation.
The road, which has accumulated tragedies and accidents over the years, now sparks hope. The future of BR-381, however, involves billions of reais and a commitment of decades.
On August 29, a milestone was registered at B3 headquarters in São Paulo: the asset manager 4UM won the concession for a stretch of approximately 300 kilometers of BR-381, linking Belo Horizonte to Governador Valadares, in Minas Gerais.
After three failed attempts, a company has finally taken on the challenge of investing heavily in the recovery and improvement of one of the most dangerous highways in Brazil.
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The contract, which will be valid for 30 years, provides for a total investment of R$ 9 billion, with R$ 5.6 billion allocated to works and improvements, and another R$ 3.7 billion for operational expenses.
According to disclosed information, the auction was tense, with two newcomer companies in the road sector contesting the concession: 4UM and Opportunity.
The winning proposal offered a discount of 0.94% compared to the basic toll rate. For the single lane, the initial value was R$ 16.04 per 100 km, while for the double lane, the base value was R$ 22.46 per 100 km.
Why Is BR-381 So Problematic?
This highway earned the nickname “Highway of Death” due to the high number of fatal accidents occurring along its route.
According to the National Transportation Confederation (CNT), in 2023, BR-381 was classified as the sixth most dangerous highway in Brazil, in terms of accidents and deaths.
This reality, combined with its poor maintenance, has led the government to seek partnerships with the private sector to try to reverse this scenario, even after several failed attempts.
According to the Minister of Transport, Renan Filho, the focus of the project is not just on the discount offered by the companies, but rather on the execution of improvements.
“It’s useless to have a significant discount if the works aren’t delivered as promised,” declared the minister, emphasizing the need to carry out works that have a real impact on the safety and quality of the highway.
For Renan Filho, the existence of two competitive proposals demonstrates that the project was well-structured and has potential for success.
Newcomers Take on a Monumental Challenge
This auction also marked the debut of 4UM in the road concession sector. The asset management firm, which has over R$ 7 billion under its management, based in Curitiba, entered the infrastructure sector with an investment fund specifically created for highway auctions.
Among the shareholders of the 4UM FIP-IE I are influential names, such as the Malucelli, Salazar, Federmann, and Backheuser families, owners of important construction companies and engineering firms.
According to the president of 4UM, Leonardo Boguszewski, the company is confident in its ability to deliver what was promised. “We know the complexity of the challenge, but we are confident in our execution capacity,” he stated.
According to the executive, the company intends to finance the project through a combination of equity and debt. So far, R$ 800 million has been raised for the first phase of the project, but the fund remains open for new investments.
Opportunities and Uncertainties Ahead
The other company that participated in the auction, Opportunity, which has been active in the financial market for 30 years and has about R$ 60 billion in assets under management, did not win the concession.
Even with a discount of only 0.10%, the asset manager expressed interest in exploring opportunities in the road sector, something unprecedented in its history.
However, despite the expectations, 4UM will face immense challenges ahead. BR-381, in addition to being dangerous, requires complex and large-scale works, which will include duplicating sections, building overpasses, and improving signage and pavement.
With operations expected to begin by the end of 2024, the manager will need to prove that it can indeed transform the road and save lives, while facing the inevitable financial and operational adversities.
A Future of Hope or More of the Same?
Although the concession of BR-381 lights a glimmer of hope, it remains to be seen whether 4UM will be able to fulfill its promises.
The billion-dollar investment will certainly bring improvements, but the historical record of accidents and poor management of this highway shadows any optimistic forecast.
After all, will this 30-year contract be enough to transform the “Highway of Death” into a safe and modern road? Or are we just postponing another failure? The future, as always, is uncertain.
Do you believe that BR-381 will finally be recovered and become a safe highway, or do you think this project will face the same obstacles as previous attempts? Leave your opinion in the comments!
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