Mexican ASUR acquires 20 airports in Brazil
Mexican airport operator ASUR has completed a $2.39 billion purchase of 20 airports from Brazil's Motiva. The deal includes 17 Brazilian terminals and three others in the Caribbean and South America, handling 45 million annual passengers.
The Mexican airport group ASUR (Grupo Aeroportuario del Sureste) has taken control of 20 airports across Latin America. It paid 12.211 billion Brazilian reals, approximately $2.389 billion, to acquire the entire airport division of the Brazilian company Motiva.
The transaction transfers 17 airports in Brazil and three international terminals. These are located in Curaçao, Quito in Ecuador, and San José in Costa Rica. Collectively, this network handles about 45 million passengers per year across more than 200 regular routes.
Financial Details of the Deal
Of the total purchase price, 5.187 billion reals (about $1.006 billion) was paid for the capital of CPC Holding, the entity grouping the airport assets. The remaining 7.024 billion reals represents debt that ASUR has assumed. The deal closed with an EV/EBITDA multiple of 8.8 times.
For the seller, Motiva, the sale is a strategic shift. The company stated the funds will reduce its consolidated use from 3.7 times to around 3 times. This financial restructuring allows Motiva to focus on road and railway projects within Brazil.
The Acquired Airport Network
The Brazilian portfolio now constitutes the third-largest airport network in the country. The transfer includes major terminals like Curitiba, Belo Horizonte's Confins airport, Goiânia, and Foz do Iguaçu. The full list of Brazilian airports acquired is as follows:
Regarding the Confins airport, ASUR assumes Motiva's position in the BH Airport consortium. The Mexican group is also awaiting regulatory approval to acquire an additional stake from Zurich Airport.
Operational Transition and Global Reach
The transition formally began after receiving approvals from competition defense bodies and government entities in the involved countries. All employees of the airport division have now become part of ASUR. Motiva's shared services center will provide temporary administrative support, covering areas like payroll and IT, to ensure operational continuity.
This acquisition significantly expands ASUR's international footprint. The group already operates nine airports in Mexico, including Cancún, and six in Colombia. It also holds stakes in airports in San Juan, Puerto Rico; Quito, Ecuador; San José, Costa Rica; and Curaçao, and operates terminals in Los Angeles, New York, and Chicago. From the third quarter, the financial results of the newly acquired airports will no longer appear on Motiva's balance sheets.
