The company Corredores Viales S.A. was declared subject to privatization under Article 7th of Law 27.742 on Foundations and Starting Points for the Freedom of Argentineans. The privatization procedure was authorized by Decree 97/2025.
Within this framework, Resolution 29/2025 of the Ministry of Economy called for a multi-stage national and international public tender N° 504-0007-LPU25, corresponding to Stage I, comprising the eastern sections and connection (the “Stage I Tender.” See our comments here).
On November 20, 2025, the Ministry of Economy published Resolution 1843/2025, authorizing the call for the National and International Multi-stage Public Tender 504-0013-LPU25 for the concession of the Southern, Atlantic, Southern Access, and Pampa sections of the “Federal Concession Network – Stage II” (the “Stage II Tender”). The call for tenders includes the approval of the general and specific terms and conditions, technical specifications, and the concession contract model (the “Tender Documents”).
The most relevant aspects of the call are detailed below:
1. Stage II Tender Schedule
- Deadline for submitting questions regarding the Tender Documents: January 21, 2026, at 1:00 p.m.
- Deadline for submitting bids: February 6, 2026, at 12:00 p.m.
- Opening of Envelope No. 1: February 6, 2026, 1:00 p.m.
2. General Conditions of the Stage II Tender
The Stage II Tender is a multi-stage tender, so bidders will submit their bids in two envelopes: the first containing the documentation proving compliance with the legal requirements, while the second will contain the financial bid.
In turn, Stage II of the tender is divided into two lines:
- Line 1: South, Atlantic, and South Access sections; and
- Line 2: Pampa section.
3. Submission of bids
Bids must be submitted exclusively through the Contrat. Ar platform, for which interested parties must be previously registered in the category “State Co-contractors,” subcategory “Concessionaire Law No. 17.520” in accordance with Provisions 84/2024 and 29/2025 of the National Contracting Office (the “ONC”).
4. Participation and special requirements
As a condition for participation, bidders must meet the requirements set forth in Provisions 84/2024 and 29/2025 of the ONC.
If the bidder is composed of two or more persons, all of them shall be jointly and severally liable until the concession contract is signed.
Bidders must designate a member who must hold a minimum 30% stake in the bidder’s voting capital, which must, in turn, be a majority of the voting rights (the “Principal Member of the Bidder”).
If awarded the contract, the bidder must form a corporation whose corporate purpose shall be limited to the performance of the concession contract and whose term shall be three years longer than the maximum term of the contract. In addition, the Principal Member of the Bidder must maintain the same shareholding in said corporation as in the bidder.
5. Financial offer
The financial offer shall consist of the amount in pesos (excluding VAT) requested as a toll rate for category 1 with the TelePase system (vehicles with up to 2 axles and up to 2.30 m in height and without dual wheels) for each section, with the option of choosing one of the following modalities:
- Toll lower than the maximum rate, for a concession term of 20 years;
- Toll equal to the maximum rate, for a concession term of between 20 and 30 years.
The maximum rate for line 1 is $3,305.79 for the South and Atlantic sub-sections, and $1,652.89 for the South Access sub-section.
The maximum rate for line 2 (Pampa section) is $3,388.43.
The financial bid must also include the internal rate of return expected by the bidder if awarded the contract, which may not exceed 15%. The IRR will be used as a parameter for restoring financial equilibrium and in cases of early termination of the concession contract.
In addition, bidders may consider a discount in their financial bids if they are awarded both items.
6. Bid bond
As a condition of validity of their bids, bidders must include a bid bond enforceable on first demand, valid for 120 calendar days from the opening of the envelopes corresponding to the first stage, for the following amounts:
- Item 1: $8,700,000,000;
- Item 2: $1,360,000
For the purposes of establishing the guarantees listed above, the following means shall be accepted: (i) bank deposit; (ii) bank guarantee; (iii) standby letter of credit; (vi) surety insurance; (v) bank deposit in Acquisition Value Units (“UVA”).
7. Purpose of the concession
The purpose of the concession contract is:
- The execution of works on the concessioned section;
- The preparation of executive projects for works to be executed in the federal concession network;
- The administration and operation of the concessioned sections through tolls; and
- The execution of complementary operations.
8. Concession Revenue
The concessionaire shall receive revenue from: (i) tolls to be paid by users; (ii) the operation of service areas, complementary services, and remaining properties; and (iii) any other revenue related to the concession.
9. Main characteristics of the contract
The concession contract is entered into between the National Government (Ministry of Economy through the Secretariat of Transportation) and the corporation formed by the successful bidder. The enforcement authority is the National Highway Administration.
- Concession term: between 20 and 30 years, with the possibility of a two-year extension at the option of the grantor.
- Economic and financial balance: In the event of a breach of the economic and financial balance, the parties shall initiate a renegotiation process with the aim of adopting the necessary measures to restore said balance. The measures to restore the balance may include modification of the term or the tariff, deferral of investments, or direct financial compensation through National Treasury funds.
- Dispute resolution mechanism: (i) amicable negotiations; (ii) technical panel; and (iii) federal administrative courts based in the Autonomous City of Buenos Aires.
10. Contractual guarantees
10.1. Works guarantee
For line 1, the guarantee is $56,200,000,000, while for line 2, it is $11,700,000,000. Its value will be adjusted according to the rate update formula provided for in the Bidding Documents and must remain in effect until the completion of the works.
10.2. Contract performance guarantee
For line 1, the guarantee is $29,500,000,000, while for line 2, it is $8,000,000,000. The guarantee must remain in force until all obligations arising from the contract have been fulfilled, and the amount may be updated in accordance with the formula provided for in the Bidding Documents.
10.3. Form of constitution
The following will be accepted as means of constituting the guarantees: (i) bank deposit; (ii) bank guarantee; (iii) standby letter of credit; (vi) surety insurance; (v) bank deposit in UVA.
11. Rights of the concessionaire’s creditors
In order to facilitate the obtaining of financing, the concessionaire may, with the prior authorization of the grantor, grant the following rights and guarantees in favor of financing entities:
- Pledge, assignment, or fiduciary assignment of up to 70% of the rights arising from the concession contract; or
- Pledge, assignment, or fiduciary assignment of its shares and/or economic and political rights.
In turn, the concessionaire’s creditors may remedy the concessionaire’s breaches to avoid termination of the concession agreement.
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For more information or inquiries on this matter, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, and/or Sol Villegas Leiva.