A completely new company with an enviable track record
From the ruins of one of Brazil's most consequential corporate scandals, a successor company has quietly returned to the arena it once dominated. Novonor — heir to the Odebrecht legacy — won a 30-year highway concession in Brazil's northeast, its first domestic infrastructure contract since emerging from judicial recovery. The moment asks an enduring question: can an institution genuinely reinvent itself, or does it merely inherit the ambitions of what came before?
- A consortium led by Novonor's infrastructure arm outbid two rivals to secure a 30-year concession over stretches of BR-116 and BR-424 in Bahia and Pernambuco, offering a 19.6% toll discount that raises the stakes for operational efficiency.
- The win carries the weight of Odebrecht's shadow — a company that once built airports, metros, and highways across Brazil before Lava Jato dismantled it, now attempting to reclaim legitimacy in the very sector it corrupted.
- Partner Galapagos Capital arrived at this victory after a prior consortium win was disqualified, making the successful bid both a redemption and a proof of concept for the new alliance.
- Nova Infra Invest insists it is a structurally new company, pointing to 1,700+ km of roads already operating in Peru and Panama as evidence of a credible, independent track record.
- Novonor is not pausing to celebrate — it is already evaluating a pipeline of transportation, sanitation, and complex engineering projects, signaling that this concession is designed to be a launchpad, not a landing.
When the bidding closed, a consortium called Consórcio 116 Sertões had won the right to operate sections of two major highways in Bahia and Pernambuco for the next three decades. The victory belonged, in part, to Nova Infra Invest — the infrastructure vehicle of Novonor, the company that emerged from the judicial recovery of Odebrecht, once Brazil's most powerful construction empire and later the central figure in the Lava Jato corruption scandal.
The consortium brought together three equal partners: Nova Infra Invest, investment manager Galapagos Capital, and Portuguese construction firm Mota-Engil. Their winning offer included a 19.6 percent discount on toll rates and a commitment to invest R$4.1 billion over the life of the contract — terms that demand genuine operational discipline to sustain.
For Galapagos Capital, the win followed earlier frustration: a previous concession the firm had won was voided after its consortium was disqualified. Partner Thomas Averbuck emphasized that this time they had chosen allies with serious engineering depth. Nova Infra Invest, for its part, already manages more than 1,700 kilometers of roads in Peru and Panama, alongside water infrastructure projects — a portfolio its leadership offered as proof of a company that had rebuilt itself on solid ground.
André Rabello, the company's superintendent director, was explicit that this was a beginning, not a destination. He described a pipeline of prospective deals spanning highways, sanitation, and complex engineering, with memorandums of understanding already signed with potential partners. 'The idea,' he said, 'is that through this concession we can leverage others.'
Government officials and the national development bank welcomed the result, framing it as the arrival of a capable new player. Rabello acknowledged the complicated history but drew a firm line: Nova Infra Invest, he argued, was a completely new company. Whether the market — and the public — will ultimately accept that distinction is a question three decades of highway operations will slowly answer.
The auction room fell quiet as the bids climbed. When it was over, a consortium led by Novonor's infrastructure arm had won the right to operate and maintain stretches of two major Brazilian highways for the next three decades. It was a moment that carried weight beyond the usual infrastructure news—this was Odebrecht's successor company, the entity that rose from the wreckage of judicial recovery and the Lava Jato scandal, returning to the business that once defined it.
The winning group, called Consórcio 116 Sertões, brought together three equal partners: Nova Infra Invest (Novonor's infrastructure vehicle), Galapagos Capital (an investment manager), and Mota-Engil, a Portuguese construction firm. They outbid two other consortiums in live bidding to secure the concession covering sections of BR-116 and BR-324 in Bahia and Pernambuco. Their offer included a 19.6 percent discount on toll rates and a commitment to invest 4.1 billion reais over the life of the contract.
For Galapagos Capital, this represented a breakthrough after earlier disappointment. The firm had won another highway concession, Rota da Celulose, only to have that consortium disqualified. Thomas Averbuck, a partner at the firm, told journalists that they had chosen partners with deep engineering expertise. For Nova Infra Invest, this was the first Brazilian concession, though the company already operates more than 1,700 kilometers of roads in Peru and Panama, plus water infrastructure projects in Peru.
André Rabello, the superintendent director of Nova Infra Invest, made clear this was not an isolated victory. He described the company as evaluating a pipeline of potential deals, looking specifically for projects that demand complex engineering work. The firm has signed memorandums of understanding with various partners to position itself for upcoming auctions. Rabello told journalists the strategy extended beyond highways into sanitation and other specialized ventures, including mergers and acquisitions. "The idea," he said, "is that through this concession we can leverage others."
The return of Novonor to Brazilian infrastructure carried symbolic weight that government officials and the development bank did not miss. Representatives from both celebrated the auction result as marking the entry of a new player into the sector. Yet the history was complicated. Novonor's predecessor operated airports, highways, and metro systems across Brazil before the corruption investigations and subsequent judicial recovery dismantled those operations. Rabello acknowledged this past but drew a distinction. Nova Infra Invest, he argued, was "a completely new company" with financial capacity, partner networks, and a track record in Latin American infrastructure that he described as enviable.
What happens next will test whether that distinction holds. The consortium faces three decades of operations on highways that carry significant traffic and demand constant maintenance and upgrades. The 19.6 percent toll discount means the company must deliver value through operational efficiency and capital investment. Meanwhile, Rabello's comments suggest Novonor is positioning itself to bid aggressively on future concessions. The infrastructure market in Brazil has been starved for serious capital and experienced operators. Whether this represents a genuine comeback or a calculated rebranding remains a question the market will answer over time.
Citas Notables
The idea is that through this concession we can leverage others, not just in transportation but also in sanitation and other special projects, including M&As.— André Rabello, superintendent director of Nova Infra Invest
We chose two good partners with a lot of experience in engineering.— Thomas Averbuck, partner at Galapagos Capital
La Conversación del Hearth Otra perspectiva de la historia
Why does it matter that this is Novonor coming back? Couldn't any company have won this auction?
Because Novonor operated major infrastructure across Brazil before it collapsed. The Lava Jato scandal and judicial recovery essentially erased it from the sector. This win signals that the company believes it can operate again at scale in Brazil, and that the market—or at least the government—is willing to let it.
The toll discount is 19.6 percent. That sounds like they're undercutting competitors. Why would they do that?
It's how you win auctions when you're trying to re-establish credibility. A lower toll rate makes the concession more attractive to the government and the public. But it also means they have to be very efficient operators to make the investment work over 30 years.
They mention a pipeline of other deals. How serious is that?
Serious enough that they've already signed memorandums with different partners. They're not just celebrating one win—they're positioning themselves to bid on sanitation, more highways, complex engineering projects. This is about building a platform.
What's the difference between Nova Infra Invest and the old Odebrecht infrastructure business?
Legally and structurally, it's a new entity. But the people running it have experience in Peru and Panama. Whether that's enough to convince Brazil that this is truly different—that's the real test.
If they win more concessions, what does that mean for Brazil's infrastructure?
It means capital flowing into roads, water systems, other projects that have been underfunded. But it also means a company with a complicated past will be managing critical infrastructure for decades. That's a bet on redemption.