By Brazil Stock Guide – Motiva Infraestrutura de Mobilidade (MOTV3), Brazil’s largest mobility-infrastructure operator, won the competitive auction to optimize the Fernão Dias (BR-381) highway concession, strengthening its leadership in the country’s road sector and marking its entry into Minas Gerais. The 15-year contract, awarded Thursday (Dec. 11) at B3, includes R$9.4 billion in upgrades, capacity expansion and modernization work, according to the Transport Ministry.
With the addition of the 569-km Fernão Dias corridor after the contract signing expected in 2026, Motiva’s road portfolio will expand from 4,475 km to roughly 5,044 km — making it not only the industry’s revenue leader but also the largest operator in total road length under concession.
Long-term strategy
CEO Eduardo Camargo said the BR-381 award aligns with Motiva’s long-term growth strategy, offering operational synergies with its concessions in São Paulo and supporting a plan to expand its platform in regions with proven and resilient demand. This is Motiva’s second highway win in 2025, after securing the optimization of the BR-163 concession in Mato Grosso do Sul earlier this year.
To win the auction, held by federal regulator ANTT at B3’s headquarters, Motiva offered a 17.05% discount on the reference toll rate of R$0.03879 per kilometer (March 2023 base). The company also emphasized that the project will become its first highway concession in Minas Gerais.
Capex and works pipeline
The new contract calls for 108 km of additional lanes, new marginal roads, rest areas for truck drivers, alignment corrections, pavement upgrades, new pedestrian overpasses and wildlife crossings. The Transport Ministry estimates the construction program will generate about 137,000 jobs, including direct, indirect and induced employment.
Drivers using electronic toll tags will receive an additional 5% discount, while frequent users of passenger vehicles will qualify for the DUF modality, which progressively lowers toll charges for daily commuters over the course of a month. The project is also classified under the federal Carbono Zero program, requiring actions to neutralize greenhouse-gas emissions.
Record investment cycle
Motiva is executing a R$55 billion investment plan across its highway network — excluding the Fernão Dias capex — involving major expansions such as the capacity upgrade of the Via Dutra near São José dos Campos (SP), the modernization of the Serra das Araras (RJ), and the duplication of the Raposo Tavares (SP-270) across Mairinque, Sorocaba and São Roque. Other fronts include the duplication of the BR-386 in Rio Grande do Sul, full resurfacing of the Anhanguera-Bandeirantes System, and improvements on the BR-101 Rio-Santos corridor.
In 2025, the company also launched modernization works across the Sorocabana, Motiva Pantanal and PRVias concessions — part of a separate 30-year, R$29.2 billion investment program. Across its broader multimodal businesses (roads, rail and airports), Motiva now manages the largest capex cycle in its history, totaling R$58 billion.
Motiva’s footprint includes concessions in São Paulo, Paraná, Rio Grande do Sul, Santa Catarina, Rio de Janeiro and Mato Grosso do Sul. With Fernão Dias, Minas Gerais joins the map, bringing the company to 13 road operators within its national platform.
Arteris, the current concession operator, said it is preparing the transition of Fernão Dias’s operations to ensure continuity of essential services. The company said the signing of the share-purchase agreement remains subject to conditions in the auction notice, including a R$295 million compensation payment to Arteris, subject to adjustments based on the concessionaire’s net debt. The company will also receive 80% of the tax-loss balance after its effective use by the new controller.
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