BMA, Pinheiro Neto and others on the acquisition of CPC by ASUR
BMA advised Grupo Aeroportuario del Sureste (ASUR), one of the leading airport operators in the Americas, on the negotiations and contracts for the acquisition of 100% of the shares issued by Companhia de Participações em Concessões (CPC), a wholly owned subsidiary of Motiva Infraestrutura de Mobilidade (Motiva), which was advised by Pinheiro Neto Advogados.
The transaction value has a purchase price of BRL 5.0 billion, with an implied enterprise value of BRL 13.7 billion.
CPC holds equity interests in 20 airports in Brazil, Ecuador, Costa Rica and Curaçao. Its portfolio includes key airport assets such as the international airports of Quito (Ecuador), Juan Santamaría (Costa Rica), Curaçao, Confins and Pampulha, in addition to the airports comprising the South and Central Blocks in Brazil. The assets reported EBITDA of R$2.0 billion for the twelve-month period ended September 30, 2025, and net financial debt of R$6.3 billion as of the same date.
The transaction represents a stepping stone in ASUR’s expansion strategy in Latin America and the Caribbean, adding four new markets to its current presence in Mexico, Colombia and Puerto Rico, including Brazil, the region’s largest aviation market. With the acquisition, ASUR will add more than 45 million passengers to the 71 million recorded in 2024, consolidating its position as the leading airport operator in the Americas. 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 for transactions of this nature.
BMA relied on a team from several areas, including:
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 advised Motiva and relied on partners Fernando Meira, Fernando dos Santos Zorzo, and Gustavo Crêdo, counsel Gustavo Carneiro de Albuquerque, senior associate Camila Otani Nishi, and associates Camila Ramenzoni Barone, and Gabriel Pimentel Tavares Rodrigues.
Co-counsel to Asur
México – Robles Miaja: Rafael Robles Miaja and Maria Luisa Petricioli.
Costa Rica –Deloitte: Ana Sáenz Gammans, Camila Delgado, Hernan Pacheco.
Equador – CorralRosales: Sofía Rosales, Xavier Rosales, Bernarda Muriel.
Curaçao – DCON Law: Dirk Ormel, Jovanca Frolijk.
