Motiva has sold its airport platforms to Asur for R$ 11.5 billion as part of a strategy to simplify its asset portfolio and reduce leverage.

Information on the Target

Motiva has announced the sale of its airport platforms to the Mexican group Asur, reflecting its ongoing capital-recycling strategy aimed at simplifying its asset portfolio. The decision is part of a broader effort by Motiva to refocus its growth initiatives towards highway and rail concessions, including trains, subways, and light rail systems.

The transaction involves the sale of a total of 20 airports, with 17 located in Brazil and 3 in other countries, namely Ecuador, Curaçao, and Costa Rica. The total sale value is R$ 11.5 billion, comprised of R$ 5 billion in equity alongside R$ 6.5 billion in net debt. This significant deal will effectively lower Motiva's leverage ratio from its current level of 3.5x to below 3.0x, and carries an Enterprise Value to EBITDA ratio of 8.8x, which is favorable compared to the current multiple of the company.

Industry Overview in Brazil

The airport industry in Brazil has witnessed a significant evolution over the past decade, primarily characterized by increased privatization and investment in infrastructure. The privatization of several airports has o