BMA and Pinheiro Neto Advise on ASUR Acquisition of CPC

BMA advised Grupo Aeroportuario del Sureste (ASUR) on the acquisition, and Pinheiro Neto Advogados advised Motiva Infraestrutura de Mobilidade (Motiva). Local and regional counsel acting as co-counsel to ASUR included Robles Miaja in Mexico, Deloitte in Costa Rica, CorralRosales in Ecuador and DCON Law in Curaçao. The transaction concerns ASUR’s acquisition of 100% of the shares of Companhia de Participações em Concessões (CPC), a wholly owned subsidiary of Motiva. The purchase price is BRL 5.0 billion, with an implied enterprise value of BRL 13.7 billion. CPC holds equity interests in 20 airports across Brazil, Ecuador, Costa Rica and Curaçao. Its portfolio includes the international airports of Quito (Ecuador), Juan Santamaría (Costa Rica), Curaçao, and key Brazilian airports such as Confins and Pampulha, in addition to the airports comprising the South and Central Blocks in Brazil. CPC reported EBITDA of R$2.0 billion for the twelve-month period ended 30 September 2025, and net financial debt of R$6.3 billion as of the same date. The acquisition furthers ASUR’s expansion strategy in Latin America and the Caribbean, adding four new markets to its existing presence in Mexico, Colombia and Puerto Rico and incorporating Brazil, the region’s largest aviation market. With the deal ASUR will add more than 45 million passengers to the 71 million recorded in 2024, strengthening its position as a leading airport operator in the Americas. Seventeen of the 20 airports in CPC’s portfolio have more than 15 years remaining in their concession life. The transaction is expected to close in the first half of 2026 and remains subject to customary conditions precedent. BMA represented Grupo Aeroportuario del Sureste (ASUR) with a team composed by: M&A — partners Amir Bocayuva Cunha and Hélio Alvarez Sales da Cunha; associates Raul Rinaldo Baptista, Gustavo Dal Cortivo and Elena Amorim Sicherle. Infrastructure — partner Ana Cândida de Mello Carvalho; associates Juliana Yuka Suzuki and Caíque Ribeiro de Carvalho. Due Diligence — partner Adriana Augusta Dib Fuzinato; associates Thais Xavier, Estêvão Nascimento Orcini, Thais Maria Dias de Oliveira and Vinícius Rodrigues da Silva Alves. Tax — associates Felipe de Albuquerque Destri and João Victor Bueno de Sousa. Competition Law — partner Camilla Paoletti; associate Lea Jenner de Faria. Environment — partner Fernanda Abreu Tanure; associates Marina da Silva Pinto Maciel and Caio Leonardo De Figueiredo Gomes. Compliance — partner Anna Carolina Malta Spilborghs; associates Luis Marcelo Abdalla De Carvalho Jaued, Mariana de Souza Carvalho and Jean Daniel Demattio Jaldin. Real Estate — associate Gustavo Emanuel Cavaliere Rose. Finance and Capital Markets — associates Alexandre Roscoe Lindenberg and Beatriz Camargo Ferrari. Dispute Resolution — partner Gustavo Santos Kulesza; associate Luiza Romanó Pedroso. Pinheiro Neto Advogados represented Motiva Infraestrutura de Mobilidade (Motiva) with a team composed by: partners Fernando Meira, Fernando dos Santos Zorzo and Gustavo Crêdo; counsel Gustavo Carneiro de Albuquerque; senior associate Camila Otani Nishi; associates Camila Ramenzoni Barone and Gabriel Pimentel Tavares Rodrigues. Robles Miaja, co-counsel to ASUR (Mexico), with a team composed by: Rafael Robles Miaja and Maria Luisa Petricioli. Deloitte, co-counsel to ASUR (Costa Rica), with a team composed by: Ana Sáenz Gammans, Camila Delgado and Hernan Pacheco. CorralRosales, co-counsel to ASUR (Ecuador), with a team composed by: Sofía Rosales, Xavier Rosales and Bernarda Muriel. DCON Law, co-counsel to ASUR (Curaçao), with a team composed by: Dirk Ormel and Jovanca Frolijk.

BMA and Pinheiro Neto Advise on ASUR Acquisition of CPC

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