Brazil's Motiva Completes R$12.21 Billion Airport Asset Transaction

en.Wedoany.com Reported - On September 1, Motiva completed the transaction to sell its airport business platform to Mexico's Grupo Aeroportuario del Sureste (ASUR). All conditions precedent under the previously signed transaction agreement have been satisfied, with ASUR's Aeropuerto de Cancún acquiring control of Companhia de Participações em Concessões (CPC), which holds the equity interests in Motiva's former airport assets.

According to the final transaction terms disclosed by Motiva, the total transaction value is R$12.211 billion, of which R$5.187 billion represents the final consideration for all CPC shares, with an additional R$7.024 billion corresponding to airport asset debt. When the two parties signed the transaction agreement in November 2025, the base equity price was R$5 billion with related net debt of approximately R$6.5 billion; the final amount was determined through the agreed currency adjustment and closing balance sheet adjustments. ASUR stated that the equity acquisition funds came from loan financing arranged when it submitted its acquisition offer.

The transaction covers 20 airports, 17 of which are located in Brazil, with the remaining three located in Ecuador, Costa Rica, and Curaçao. Brazilian assets include airports such as Curitiba, Belo Horizonte, and Goiânia; the entire airport platform serves approximately 45 million passengers annually and operates over 200 scheduled routes. Prior to closing, the asset transfers had received approvals from competition regulators, creditors, and concession grantors in the relevant countries.

When the initial agreement was signed in November 2025, Motiva disclosed that the airport platform had generated net revenue of R$2.565 billion over the trailing twelve months, EBITDA of R$1.301 billion, an EBITDA margin of 51%, and cargo volume of 524,000 tons over the same period. At that time, the company determined the EV/EBITDA multiple for the airport asset transaction pricing at 8.8x based on trailing twelve-month data.

Following closing, Motiva and ASUR have entered an operational transition period during which airport assets as well as corporate and administrative systems will be gradually transferred. Motiva's shared services center will continue to temporarily provide back-office services such as payroll, procurement, and information technology during the transition phase, while airport business employees will simultaneously transition into the ASUR system.

Motiva plans to use the proceeds from the transaction to reduce holding company debt. Based on calculations at the time of closing, the company's consolidated financial leverage is expected to decline from 3.7x at the end of June 2026 to approximately 3x. After divesting its airport platform, Motiva retains its highway and rail transit businesses and has identified approximately R$170 billion in Brazilian highway, railway, and metro concession opportunities.