BRAZIL Trends and Developments Contributed by: José Virgílio Lopes Enei, Mauro Bardawil Penteado, Vitor Fernandes de Araujo and Antonio Paulo Kubli Vieira, Machado Meyer
year capex programmes. The combination of resilient asset profiles, market scale and repeatable conces- sion frameworks supports continued activity, even as macro prudence and policy visibility remain important determinants of the pace and breadth of new invest- ments. Transportation and Logistics The transportation and logistics sector in Brazil has long been a cornerstone of the country’s economic development. In recent years, the sector has experi- enced a dynamic transformation, driven by regulatory reforms, infrastructure modernisation, and a surge in demand for efficient supply chain solutions. These factors have contributed to a robust environment for mergers and acquisitions (M&A), particularly in stra- tegic assets such as ports, toll roads, airports and integrated logistics platforms. The Brazilian government has accelerated the privati- sation of key infrastructure assets, including airports, ports and toll roads. Recent auction rounds have attracted significant interest from global infrastructure funds, pension funds and strategic operators. Notably, the privatisation of major airports and the concession of port terminals have fostered landmark transactions, with new operators bringing capital, technology and international best practices to the sector. • Ports – The port sector has seen a wave of priva- tisations and new concessions, with the govern- ment auctioning terminals in Santos, Paranaguá and other strategic locations. These transactions have attracted both global port operators and local conglomerates, with a focus on expanding capac- ity, improving efficiency and integrating port opera- tions with hinterland logistics. Highlights on the M&A side include the acquisitions of publicly listed companies Santos Brasil and Wilson Sons by large global operators (CMA CGM and MSC, respec- tively). The upcoming auction for a new container terminal, which will be the largest one in the Port of Santos, is also expected to attract significant interest from a number of players. Terminals have also been a particular focus for commodities trad- ing companies looking for efficient shipping hubs, especially in the north of the country (including the port of Itaqui in the State of Maranhão).
• Airports – The latest rounds of airport conces- sions have transferred the management of key airports – including Congonhas (São Paulo) – to the private sector. These deals are expected to drive significant investment in modernisation, passenger experience and cargo handling capabilities, further integrating Brazil into global air transport networks. Recently, Vinci Compass acquired a 70% equity stake in Galeão. • Toll roads – The toll road segment remains a focal point for infrastructure funds, with recent conces- sions covering major corridors in the Southeast and South regions. The new regulatory framework emphasises performance-based contracts, ESG compliance, and digital tolling, which are reflected in the due diligence and valuation processes of recent M&A transactions. • Integrated logistics – The growth of e-commerce and the need for resilient supply chains have spurred M&A in warehousing, distribution centres and cold chain logistics. Strategic investors are tar- geting assets that can support omnichannel retail, pharmaceuticals and agribusiness exports, often leveraging technology to optimise operations. The outlook for M&A in Brazil’s transportation and logistics sector remains positive. The pipeline of priva- tisations and concessions, combined with the ongo- ing need for infrastructure modernisation and sup- ply chain resilience, will continue to drive deal flow. Investors are expected to maintain a strong focus on assets that offer operational synergies, technological innovation and ESG alignment. As the sector evolves, successful M&A strategies will hinge on the ability to navigate regulatory complexities, manage integration risks, and deliver value through operational excellence and sustainable growth. Digital Infrastructure Digital infrastructure has become one of the most active and strategically important M&A verticals in Brazil, underpinned by sustained demand for con- nectivity, cloud migration, 5G roll-out and data sov- ereignty concerns. Investor appetite remains strong across towers, fibre/neutral networks, data centres and edge infrastructure, with a notable shift towards platforms capable of wholesale, carrier-neutral and “as-a-service” models. For data centres, power pro-
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