Motiva Hands 20 Airports to Mexico’s Asur in a Closed Deal

Brazil · INFRASTRUCTURE

The sale reshapes Latin American airport operations, with Mexico’s Asur taking over 20 terminals across four countries.

Motiva has completed the sale of its airport platform to Mexico’s Asur in a closed deal. The transaction, at an enterprise value of 12.211 billion reais, was finalized on Tuesday 1 September 2026, according to a corporate filing.

Motiva Completes Airport Sale

Motiva is a Brazilian infrastructure concessions operator, renamed from CCR in April 2025. It has handed over its entire airport platform, sold as all of its holding company CPC.

The buyer is Asur, a listed Mexican airport operator that already runs Cancun International Airport.

The closing follows months of preparation. Motiva disclosed the completion in a corporate filing on the same day.

Deal Value and Payment Breakdown

The enterprise value is 12.211 billion reais, of which 5.187 billion reais was paid to Motiva in cash as equity value. The remaining 7.024 billion reais corresponds to net debt that Asur assumes.

The Banco Central selling rate on 1 September 2026 was 5.1570 reais to the dollar. That puts the enterprise value near US$2.37 billion and the cash equity payment near US$1.01 billion.

Asur put the price it paid at about US$992.2 million, before customary closing adjustments.

Understanding Enterprise Value

Enterprise value counts what a buyer effectively pays for a business, including the debt it takes on. This is why the headline figure is larger than the cash that changes hands.

In this case, Asur pays about US$1.01 billion in cash but takes on 7.024 billion reais, about US$1.36 billion, in net debt. Therefore, the total economic value is much higher.

Airports Across Four Countries

The deal covers 20 airport operations, the whole of Motiva’s airport platform. Seventeen are in Brazil.

One block sits in the south, in Paraná, Santa Catarina and Rio Grande do Sul. A central block covers five more states, and BH Airport is in Minas Gerais.

The other three are abroad: Curaçao, Juan Santamaría serving San José in Costa Rica, and Quito. In Quito, Motiva held 46.5% of the concessionaire Quiport.

Brazilian airports transferred include Confins and Pampulha at Belo Horizonte, as well as Curitiba and Foz do Iguacu. These are key hubs for domestic and regional travel.

Regulatory Approval and Timing

ANAC, Brazil’s civil aviation regulator, gave unanimous prior consent for the transfer of control on 12 June 2026. This approval was a crucial step before the final closing.

The sale needed antitrust clearance in Brazil and approvals wherever else the airports operate. Creditor consent was a condition too.

Asur said on closing that all conditions precedent under the 18 November 2025 agreement had been satisfied.

From Initial Agreement to Final Value

When the agreement was signed on 18 November 2025, the transaction had an enterprise value of 11.5 billion reais. That figure comprised 5 billion reais in equity and 6.5 billion reais in net debt.

Motiva says the final figure of 12.21 billion reais reflects monetary correction and balance-sheet adjustments. These adjustments were applied on top of the originally agreed 11.5 billion reais.

What the Deal Means for Motiva

Motiva is a Brazilian infrastructure concessions operator, formerly CCR. Selling its airport platform does not mean leaving infrastructure altogether.

Instead, Motiva is focusing on other concession areas. It keeps its highway concessions and urban mobility assets, including metro and light-rail lines.

It says the proceeds will cut leverage from 3.7 times to about 3 times.

Asur’s Expanding Latin American Presence

Asur, Grupo Aeroportuario del Sureste, is a listed Mexican airport operator. It already runs Cancun International Airport and has concessions elsewhere in Latin America.

Asur adds 20 airports handling about 45 million passengers a year. It already runs 16 in Mexico, Colombia and Puerto Rico.

This move strengthens its position as a major regional player in airport management.

Adolfo Castro Rivas has run Grupo Aeroportuario del Sureste since 2011. He said Brazil occupies a central place in Asur’s growth strategy, and named José Formoso to head Asur Brasil.

Concessions and Public Infrastructure

A concession is a licence to operate public infrastructure for a fixed term. The state keeps ownership, while the operator keeps the revenue and the obligations.

In this deal, Motiva transfers its concession rights to Asur. Asur now takes on the responsibility of running these airports efficiently.

Frequently Asked Questions

What is the total value of the Motiva-Asur deal?

The enterprise value is 12.211 billion reais, about US$2.37 billion at the Banco Central selling rate of 5.1570 on 1 September 2026. This includes a cash equity payment of 5.187 billion reais, about US$1.01 billion, and net debt of 7.024 billion reais.

How many airports are included in the sale?

The sale covers 20 airport operations, the whole of Motiva’s airport platform. Seventeen are in Brazil, and the rest are in Curacao, Costa Rica, and Ecuador.

Who is the buyer in this transaction?

The buyer is Asur, a listed Mexican airport operator. Asur already runs Cancun International Airport and has other concessions in Latin America.

When did the deal close?

The deal closed on Tuesday 1 September 2026. Motiva disclosed the closing in a corporate filing on the same day.

Sources: Motiva filings; Asur press release of 1 September 2026; Banco Central do Brasil; ANAC; InfoMoney; Poder360.

Read More from The Rio Times

• Brazil Clears the OceanPact and CBO Shipping Merger
• Brazil’s Top Court Halts the Ambipar Creditors’ Meeting
• Brazil’s Exchange B3 Sheds a US$440 Million Tax Bill