ASUR SIGNS DEAL TO ACQUIRE MOTIVA'S STAKE IN AIRPORT BUSINESS IN BRAZIL, ECUADOR, COSTA RICA AND CURAÇAO

Rhea-AI Summary

Grupo Aeroportuario del Sureste (NYSE:ASR) agreed to buy Motiva's subsidiary CPC for R$5,000 million (US$936 million), implying an enterprise value of R$13,700 million (US$2,566 million). CPC holds stakes in 20 airports across Brazil, Ecuador, Costa Rica and Curaçao, including Quito, Juan Santamaria, Curaçao and Confins.

The portfolio reported 12-month EBITDA of R$2,000 million (100%) and proportionate EBITDA of R$1,300 million; net financial debt was R$6,300 million as of Sept 30, 2025. The deal adds >45 million passengers to ASUR's 71 million (2024) and is expected to close in H1 2026, subject to customary conditions.

Positive

• Adds >45 million passengers to ASUR's 71 million (2024)
• Acquires stakes in 20 airports across four countries
• Portfolio 12-month EBITDA of R$2,000 million (100%)
• 17 airports have >15 years remaining concession life
• Implied enterprise value R$13,700 million

Negative

• Portfolio net financial debt R$6,300 million as of Sept 30, 2025
• Purchase price R$5,000 million increases balance-sheet leverage
• Closing subject to customary conditions precedent (deal risk)

Insights

Strategic M&A Analyst

Acquisition expands ASUR into Brazil and adds significant EBITDA and passenger scale.

ASUR agreed to buy CPC for R$5,000 million (purchase price) with an implied enterprise value of R$13,700 million. CPC owns stakes in 20 airports across Brazil, Ecuador, Costa Rica and Curaçao and reported twelve‑month EBITDA of R$2,000 million on a 100% basis and net financial debt of R$6,300 million as of September 30, 2025. The deal adds more than 45 million annual passengers to ASUR’s platform and brings large Brazilian exposure.

The business mechanism is scale and network consolidation: ASUR acquires cash flow producing airport concessions and incremental passengers. The transaction metrics imply an enterprise value to EBITDA of about 6.9x on the 100% EBITDA figure, providing a concise valuation reference derived from disclosed figures. Key dependencies include regulatory and customary closing conditions and committed debt financing from JPMorgan, which ASUR plans to combine with cash on hand.

Risks center on integration of multi‑jurisdictional concessions, remaining concession lives, and the transaction's financing terms. Seventeen airports have over 15 years remaining on concessions, which supports long‑dated cash flow, but closing timing and approval processes remain material. Watch for closing during the first half of 2026, final regulatory approvals, and the definitive financing terms from the mandated lender within that horizon.

MEXICO CITY and SAO PAULO, Nov. 18, 2025 /PRNewswire/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE:ASR; BMV:ASUR) ("ASUR") and Motiva Infraestrutura de Mobilidade S.A. (B3: MOTV3) ("Motiva") today announced that ASUR has entered into a purchase agreement with Motiva to acquire all of the issued and outstanding equity interest of Companhia de Participações em Concessões ("CPC"), a wholly owned subsidiary of Motiva, for a purchase price of R$5,000 million (US$936 million)^1,2, with an implied enterprise value R$13,700 million (US$2,566 million)^2,3.

CPC owns equity interests in 20 airports with concessions in Brazil, Ecuador, Costa Rica and Curaçao. The portfolio includes the Quito International Airport in Quito, Ecuador, the Juan Santamaria International Airport in San Jose, Costa Rica, the Curaçao International Airport in Curaçao, the Confins International Airport in Brazil, as well as the Pampulha airport, the Bloco Sul airports, and the Bloco Central airports in Brazil. The portfolio reported EBITDA for the twelve-month period ending September 30, 2025, on an 100% basis, of R$2,000 million (US$375 million²) and, on a proportionate basis to CPC's stake, of R$1,300 million (US$243 million²); and, net financial debt as of September 30, 2025, on an 100% basis, of R$6,300 million (US$1,180 million²).

The acquisition represents a stepping stone in ASUR's expansion strategy in the region adding 4 new markets in Latin America and the Caribbean, including Latin America's largest aviation market by passengers, Brazil, to ASUR's existing presence in Mexico, Colombia and Puerto Rico. This acquisition will add more than 45 million passengers to ASUR's 71 million reported in 2024, consolidating ASUR as the leading airport operator in the Americas. Out of the 20 airports in CPC's portfolio, 17 have more than 15 years remaining in their concession life.

The closing of the transaction, which is expected to occur during the first half of 2026, is subject to customary conditions precedent.

ASUR expects to fund the transaction with cash on hand and committed debt financing provided by JPMorgan Chase Bank, N.A.. J.P. Morgan Securities LLC is serving as exclusive financial advisor and BMA Advogados, CorralRosales, Deloitte, De Cuba Ormel Noordhuizen and Brown Lawyers are serving as legal advisors to ASUR.

About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain and develop 16 airports in the Americas. This comprises nine airports in southeast Mexico, including Cancun Airport, the most important tourist destination in Mexico, the Caribbean and Latin America, and six airports in northern Colombia, including Medellin international airport (Rio Negro), the second busiest in Colombia. ASUR is also a 60% JV partner in Aerostar Airport Holdings, LLC, operator of the Luis Muñoz Marín International Airport serving the capital of Puerto Rico, San Juan. San Juan's Airport is the island's primary gateway for international and mainland-US destinations and was the first, and currently the only major airport in the US to have successfully completed a public–private partnership under the FAA Pilot Program. Headquartered in Mexico, ASUR is listed both on the Mexican Bolsa, where it trades under the symbol ASUR, and on the NYSE in the U.S., where it trades under the symbol ASR. One ADS represents ten (10) series B shares. For more information, visit www.asur.com.mx.

About Motiva
Motiva Infraestrutura de Mobilidade S.A. (Motiva) is the largest mobility infrastructure company in Brazil, operating in the Toll Road, Railways, and Airport segments. It operates 37 assets in 13 Brazilian States and has more than 16,000 employees. The Company is responsible for the management and maintenance of 4,475 kilometers of toll roads, providing 3,600 services a day. Its railway platform, which manages subways, trains, and VLT, transports 750 million passengers per year. In airports, with 17 units in Brazil and three abroad, it serves roughly 45 million customers every year. The Company has been listed on B3's sustainability index for 14 years. For more information, visit www.motiva.com.br. 

¹ Equity value of CPC
² Assuming a conversion USDBRL exchange rate of 5.34
³ Enterprise value on an 100% ownership of all the subsidiaries of CPC

View original content:https://www.prnewswire.com/news-releases/asur-signs-deal-to-acquire-motivas-stake-in-airport-business-in-brazil-ecuador-costa-rica-and-curacao-302619317.html

SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.

FAQ

What did ASR announce on November 18, 2025 regarding Motiva?

ASR agreed to acquire Motiva's CPC subsidiary for R$5,000 million (US$936 million), with an implied EV of R$13,700 million.

Which airports are included in the ASR acquisition of CPC (ASR)?

The portfolio includes Quito International, Juan Santamaria, Curaçao International, Confins, Pampulha, Bloco Sul and Bloco Central airports among 20 total.

How will the CPC purchase affect ASR's passenger base (ASR)?

The acquisition adds more than 45 million passengers to ASR's reported 71 million in 2024.

What are the key financials of CPC included in the ASR deal?

CPC reported 12‑month EBITDA R$2,000 million (100%), proportionate EBITDA R$1,300 million, and net financial debt R$6,300 million as of Sept 30, 2025.

When is the ASR acquisition of CPC expected to close and how is it funded?

Closing is expected in H1 2026, subject to customary conditions, and ASR expects to use cash on hand plus committed debt financing from JPMorgan.