Major Infrastructure Development

On March 2, 2026, Azevedo & Travassos S.A. (AZEV4) announced that the Rota Mogiana Consortium, which it leads, has won the São Paulo state government's concession auction for the Rota Mogiana highway system.

The consortium submitted the winning bid of R$1,084,842,068.71 at the February 27, 2026 auction. The 30-year road concession covers approximately 520 kilometers of state highways in central São Paulo state, connecting strategic regions including Campinas, Ribeirão Preto and the Minas Gerais border.

Consolidating Infrastructure Position

This success enhances Azevedo & Travassos' position in Brazil's infrastructure sector through its dedicated investment vehicle, Azevedo & Travassos Infraestrutura I FIP. With this new concession, the company now holds five sanitation concessions plus two highway concessions.

"This acquisition perfectly complements our strategic focus on regulated infrastructure assets with predictable cash flows", said the company in its official disclosure.

Detailed Scope of Concession

The concession unifies infrastructure currently managed by two entities:

  • Renovias concessionaire
  • State Highway Department (DER-SP)

It involves these state highways:

  • SP-215
  • SP-340
  • SP-342
  • SP-344
  • SP-350
  • SP-333
  • SP-338
  • SP-107
  • SP-133
  • SP-225

The corridor serves major logistics functions in São Paulo state, characterized by high cargo transportation volumes and a 20+ year track record of private management with proven operational performance and quality existing infrastructure.

Regional Impact

The highway network crosses 22 municipalities, connecting:

  • Aguaí
  • Águas da Prata
  • Artur Nogueira
  • Cajuru
  • Campinas
  • Casa Branca
  • Cosmópolis
  • Espírito Santo do Pinhal
  • Estiva Gerbi
  • Holambra
  • Itobi
  • Jaguariúna
  • Limeira
  • Mococa
  • Mogi Guaçu
  • Mogi Mirim
  • Santa Cruz da Esperança
  • Santo Antônio de Posse
  • São João da Boa Vista
  • São José do Rio Pardo
  • Tapiratiba
  • Vargem Grande do Sul

This affects approximately 2.3 million residents across central São Paulo state.

Investment Program

Over the 30-year concession term, the consortium plans to invest approximately R$9 billion in system improvements, including:

  • Duplication of more than 217 kilometers
  • Addition of 138 kilometers of auxiliary lanes
  • Construction of 86 kilometers of parallel roads
  • Implementation of 58 new pedestrian bridges
  • Development of 129 new intersection systems
  • Installation of Automatic Free Flow ("sem parar") toll systems

Particularly strategic investments will be concentrated during the first 10 years while leveraging the existing good infrastructure condition to maintain consistent cash flow generation.

Capital Structure Strategy

The company will maintain a 50% stake in the project. First-year regulatory capital is projected at approximately R$100 million, with proportional initial capital contribution from Azevedo & Travassos totaling about R$50 million.

The financing structure will leverage the system's immediate cash flow generation capabilities, combined with longer investment timelines to qualify for development bank financing and capital market instruments.

What Changes for Investors

This acquisition strengthens Azevedo & Travassos' position in Brazil's infrastructure sector, particularly in regulated assets with predictable cash flows. The company's 50% stake involves manageable initial investment while providing access to a valuable 30-year concession with significant room for infrastructure improvement investments.

The concession begins contractually in July 2026 after final conditions are met. The company will formally announce any important developments related to this concession as they occur.

Disclaimer: O conteúdo apresentado é meramente informativo e não deve ser considerado como conselho de investimento. Ativo Virtual não se responsabiliza por decisões financeiras tomadas com base nestas informações.