By Brazil Stock Guide – Portuguese construction group Mota-Engil is in talks to acquire a 40% stake in Odebrecht Engenharia & Construção, or OEC, according to a source familiar with the matter, in a potential transaction that could mark a new phase in the Brazilian contractor’s recovery following its financial restructuring.
The discussions are ongoing, but the financial terms and structure of the proposed deal have not been disclosed. It remains unclear whether the transaction would involve the purchase of shares from existing owners, a capital injection into OEC, or a combination of both.
Contacted by Brazil Stock Guide about the negotiations involving the 40% stake, Odebrecht said it does not comment on market speculation. The company nevertheless confirmed that bringing in a strategic partner is part of the business plan developed after the completion of its financial restructuring.
“The attraction of a strategic partner is part of the business plan presented by Odebrecht Engenharia & Construção following the completion of its financial restructuring,” the company said in a statement. “Should there be any material development to disclose in this regard, it will be announced through official channels.”
OEC added that it has worked with Mota-Engil for decades and that the two companies currently participate as consortium partners in major infrastructure projects in Brazil and Africa. Mota-Engil was also contacted but had not responded by the time of publication.
The potential transaction comes a little more than four months after a Brazilian court formally ended OEC’s judicial reorganization proceedings, having determined that the company had met the obligations set out in its restructuring plan. The contractor sought court protection in 2024 to reorganize approximately R$ 4.6 billion in declared debt.
A deal would also deepen Mota-Engil’s expansion in Brazil, where the Portuguese group has recently secured some of the country’s largest infrastructure projects. In September 2025, the company won the public-private partnership auction to build, operate and maintain the Santos–Guarujá Tunnel, an immersed link between the two coastal cities in São Paulo state. The 30-year contract, signed in January, calls for investments of about R$ 7.8 billion.
Ties between the two groups have also strengthened in the concessions sector. In May, Mota-Engil joined Nova Infra Invest, a company controlled by Novonor, and Galapagos Capital in the consortium that won the Rota dos Sertões highway auction.
The concession covers 502 kilometers of the BR-324 highway in Bahia state and the BR-116 across Bahia and Pernambuco, connecting Feira de Santana and Salgueiro. The project calls for approximately R$ 4.1 billion in investments over the 30-year contract.
Consórcio 116 Sertões won the auction after offering a 19.6% discount to the maximum base toll rate. The partnership, however, is held through Nova Infra Invest, which is linked to OEC’s parent company Novonor, rather than directly through OEC.
Mota-Engil’s entry into OEC’s shareholding structure would deepen a relationship that has so far centered on consortia and individual projects. It would give the Portuguese company broader access to OEC’s project portfolio, execution capabilities and longstanding presence in Latin America and Africa, while providing the Brazilian contractor with an international partner that brings capital, concessions expertise and substantial operations across both continents.
The relationship between the groups also has a longer historical dimension. Odebrecht has controlled Portuguese construction company Bento Pedroso Construções since the late 1980s.
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