By Brazil Stock Guide – Motiva Infraestrutura de Mobilidade (B3: MOTV3) agreed to sell 100% of its airport holding CPC to Mexico’s ASUR in a R$11.5 billion transaction, marking the end of more than a decade of exposure to the airport-concessions market. The deal includes R$5 billion in equity for Motiva’s shareholdings and R$6.5 billion in net debt, and is subject to regulatory approvals in Brazil and abroad. Motiva expects closing in 2026, after clearance by the granting authority and antitrust agencies.
A reshaping move with global significance
CPC consolidates Motiva’s stakes across 20 airports in Latin America — 17 in Brazil and three in other countries. The platform handles 45 million passengers per year, offers more than 200 regular routes, and ranks as Brazil’s third-largest airport operator. Assets include strategic hubs such as Curitiba, Belo Horizonte and Goiânia. Over the 12 months ended in the third quarter of 2025, the business generated R$2.96 billion in net revenue and R$1.52 billion in EBITDA, with a 51% margin, alongside 524,000 tons of cargo handled.
The company said the sale represents the largest airport transaction currently underway worldwide. More than 20 groups from Europe, Latin America and Asia submitted interest during the competitive process, surpassing internal expectations. Until final closing, Motiva will continue to operate all assets, maintain the existing workforce and fulfill all contractual and investment commitments.
Capital recycling and strategic realignment
The transaction reinforces Motiva’s long-term plan to simplify its portfolio and unlock value, as outlined in its Ambition 2035 Strategic Plan. The company intends to redirect capital toward regulated rail expansions, selective road auctions and new contractual amendments in São Paulo’s mobility ecosystem. Management previously indicated that the corporate strategy includes reallocating R$5 billion to R$10 billion over the coming years to high-return, synergistic projects.
Motiva also reported accelerating execution across the portfolio. Investments reached R$2.3 billion in the third quarter alone, while margins expanded, operating costs fell and the efficiency ratio improved. The company said this repositioning creates a stronger base for growth in 2026 and beyond.
A valuation that reinforces value creation
The assets were valued at an EV/EBITDA (LTM) multiple of 8.8x, above Motiva’s current market multiple. The company said proceeds will be used primarily to reduce holding-level indebtedness. Once the sale is completed, consolidated leverage — including all controlled assets — is expected to fall from 3.5x to below 3.0x, expanding Motiva’s capacity to compete within a R$160 billion pipeline of road, rail and metro concessions mapped for the coming years.
In a statement, CEO Miguel Setas said the transaction “advances the company’s capital-recycling plan and simplifies its business model, strengthening Motiva’s ability to lead the future of mobility in Brazil.”
CFO and Investor Relations Officer Waldo Perez said the sale “improves the company’s debt profile and almost eliminates net debt at the holding level, reinforcing Motiva’s ability to capture the best opportunities in Brazil’s robust concession pipeline.”
A sector shift led by global operators
ASUR, which operates nine airports in Mexico and seven across Latin America, strengthens its position in Brazil with the acquisition. The move extends a decade-long trend in which global operators deepen their footprint in the country’s more mature aviation assets, while domestic groups concentrate capital on road and rail concessions with more predictable economics.
What comes next
The sale continues Motiva’s portfolio-optimization agenda launched in 2023, which included the exit from the Barcas (RJ) operation and the contractual optimization of BR-163/MS, now Motiva Pantanal. Management has emphasized a “back-to-basics” shift designed to make the company simpler, more focused and more synergistic.
Final closing depends on approvals from ANAC, creditors and regulators in all jurisdictions where Motiva Aeroportos operates. The company will continue updating the market as milestones are reached.
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