ASUR to Acquire 20 Latin American Airports for $936 Million
The deal for Motiva's portfolio adds 45 million passengers, expanding the Mexican operator's footprint into Brazil, Ecuador, Costa Rica, and Curaçao.
Grupo Aeroportuario del Sureste (ASR), a leading Mexican airport operator, has agreed to acquire a portfolio of 20 airports in four Latin American countries from Motiva Infraestrutura de Mobilidade for approximately $936 million, a major strategic move to expand its regional dominance.
The deal, announced Tuesday, will see ASR take control of airport concessions in Brazil, Ecuador, Costa Rica, and Curaçao, adding an estimated 45 million passengers to its current annual traffic of 71 million. The acquisition of Companhia de Participações em Concessões (CPC), a Motiva subsidiary, represents a significant diversification for ASR, whose operations have been heavily concentrated in Mexico, Colombia, and Puerto Rico.
Shares of ASR traded up modestly by 0.15% to $296.81 in late Tuesday trading. The acquisition price of R$5,000 million (US$936 million) is equivalent to over 10% of ASR’s $8.94 billion market capitalization, signaling a substantial investment in its future growth trajectory outside of its core markets.
The transaction comes as ASR navigates a mixed operational environment. The company recently reported a slight 1.0% year-over-year increase in total passenger traffic for October 2025. While its Colombian airports saw a 5.1% rise, this growth was offset by a 0.2% decline in its primary Mexican market and a 1.7% dip in Puerto Rico, according to its latest traffic report. The deal provides a new engine for growth at a critical time.
This strategic expansion contrasts with the varied performance across the broader Latin American airport sector. While competitor Grupo Aeroportuario del Centro Norte (OMA) posted a strong 8.5% passenger increase in October, Grupo Aeroportuario del Pacífico (GAP) saw a 0.8% decrease, partly attributed to hurricane-related disruptions.
Under the terms of the agreement, the implied enterprise value for the acquired assets is R$13,700 million (US$2.57 billion). For the twelve months ending September 30, 2025, the airport portfolio generated approximately R$2,000 million (US$375 million) in earnings before interest, taxes, depreciation, and amortization (EBITDA), as detailed in the official company announcement. The stability of the portfolio is underpinned by long-term concessions, with 17 of the 20 airports having more than 15 years remaining on their contracts.
Analysts see the acquisition as a move that significantly enhances ASR’s scale and competitive posture in the Americas. The diversification is expected to provide a buffer against regional economic shifts and regulatory changes in any single country. However, the company will face the challenge of integrating a diverse set of operations across multiple new legal and regulatory frameworks.
Prior to the official announcement, reports had already identified ASR as the leading contender for the assets. The successful bid solidifies its position as one of the most aggressive and growth-oriented airport operators in the region, willing to deploy significant capital to secure strategic infrastructure.
The forward outlook for ASR will now be closely tied to its ability to successfully integrate the new airports and realize operational synergies. Investors will be watching to see if the expanded footprint translates into accelerated revenue and passenger growth, justifying the nearly billion-dollar price tag. The deal is subject to customary regulatory approvals and closing conditions.