The day Changi Airport spend $8.3 billion to get a Brazilian

Its bid outstripped the competition.

According to a report by Bloomberg, a unit of Singapore’s Changi Airport Group and Odebrecht SA will acquire Galeao airport in Rio de Janeiro for almost four times the minimum bid to run Brazil’s second-busiest air hub for 25 years.

Changi Airports International and the Brazilian construction and engineering company offered to pay 19 billion reais ($8.3 billion) for Galeao, which will host visitors for the soccer World Cup next year and the 2016 Olympic Games. This compares with the minimum required bid of 4.83 billion reais. The contract is expected to be signed in March, Changi said in an e-mailed statement yesterday.

Read full report here.