In a material fact released on Tuesday, September 1, 2026, Azevedo & Travassos S.A. (AZEV3, AZEV4) reported that in 2026 it sold all the units issued by Azevedo & Travassos Infraestrutura I FIP Infra to Quimassa Infraestrutura Ltda., a shareholder of Rota Mogiana SPE S.A., for R$ 43,546,000. The amount corresponds exactly to the company’s initial investment in the project, fully returning the invested capital, with neither profit nor loss.
According to the company, the transaction is limited to the ownership of the fund units and does not change the fund’s structure, which remains the holder of the stake in the concessionaire. The fund’s administrator, Planner Corretora de Valores S.A., and the manager, 4i Capital Ltda., also remain unchanged, preserving the continuity of the vehicle’s governance and management.
The decision was driven by a material change in the project’s capital structure. The transaction, initially designed with about 90% debt and 10% equity, came to have a structure closer to 75% debt and 25% equity after changes in market conditions and its replacement with a two-year bridge loan. This increased the required equity portion by approximately 2.5 times, creating additional exposure of more than R$ 150 million, above the single-project exposure limit set forth in the company’s risk management policy.
The company also notes that, in addition to the increase in equity, there was greater stringency in typical project finance restrictions, such as exposure to additional capital contributions in the event of higher interest rates, limits on dividend distribution by the concessionaire during the term of the structure, and leverage limits and operational covenants at the holding company. These conditions, which previously applied to a four-year mini-perm with refinancing planned in the capital markets and at BNDES, began to apply to a two-year bridge loan and an equity base 2.5 times larger, cutting the financing term in half while the equity at risk multiplied.
Azevedo & Travassos states that the sale is not the result of a reassessment of the asset’s merits or operating quality, but of the change in the risk-return profile for the shareholder. The transaction fully restores the funds invested, releases the company from an additional equity commitment of more than R$ 150 million, preserves the group’s borrowing capacity and operational flexibility, and strengthens liquidity in a macroeconomic environment of uncertainty. Completion of the sale is still subject to the fulfillment of customary precedent conditions and the receipt of applicable consents and approvals, including from the granting authority.
