巴西建筑业洗牌十年：中资背景Mota-Engil拟收购Odebrecht四成股权

Átria, by Queiroz Galvão, studies new projects in urban mobility, rail and highways, sources say Luis Lima Jr /Fotoarena/Folhapress More than a decade after Operation Car Wash, which uncovered corruption schemes in Brazil, the country’s construction industry is entering a new era. Construction companies that survived the corruption scandals—at least so far—are now sharing the market with foreign players that have gained ground in recent years. The market once dominated by large public-sector projects has shrunk sharply, and companies are now seeking to re-enter concession auctions as a way to secure larger projects. Among the major construction companies of the past, Queiroz Galvão and Odebrecht are seen as the ones that have done the most to regain their pace of construction activity. State investment hits record in first half of election year Brazil’s presidential candidates back rail expansion Transportation infrastructure finds new life as urban parks In the latter’s case, there is still uncertainty in the market over its future because of the financial situation of its parent company, Novonor, which is under court-supervised reorganization and still has debt of around $38 billion, even after taking into account the divestment of Braskem, according to sources. Within the group, however, the view is that the holding company’s debt restructuring will not affect the construction company’s survival. Following the Operation Car Wash crisis, Odebrecht’s engineering arm once again became the group’s core business and now has a backlog of $5.6 billion (about R$29 billion), with another $1.3 billion in contracts awaiting signing. Other construction companies have fallen by the wayside for different reasons, people in the sector said. They include OAS, now known as Metha, which failed to recover; Camargo Corrêa, which decided to withdraw from the heavy construction market; and Andrade Gutierrez, which, even after selling its stake in Motiva (formerly CCR), had to seek out-of-court reorganization this year to renegotiate R$3.4 billion in debt. Meanwhile, international groups have gained ground in recent years. Spain’s Acciona and OHLA are examples. Portugal’s Mota-Engil, whose major shareholder is China Communications Construction Company (CCCC), has also expanded its presence in Brazil and is now negotiating a 40% stake in Odebrecht’s construction arm. The Brazilian construction company, which completed its court-supervised reorganization in March this year, had already planned to bring in a minority partner. The company intends to raise capital through the transaction—proceeds from the sale are expected to remain within the company rather than be directed to its parent, Novonor, which is still under court-supervised reorganization, according to sources—and restore market confidence in its financial strength. Mota-Engil and Odebrecht have entered an initial partnership through the Rota dos Sertões highway concession, which they won in May this year in a consortium that also includes Galápagos. In addition to foreign companies, some Brazilian construction firms that previously held smaller market shares have expanded their operations in recent years, including Barbosa Mello, Construcap, and Agis (formerly Ferreira Guedes). “After Operation Car Wash, space opened up for midsize companies,” said Eduardo Capobianco, owner of Agis. The company now has a backlog of R$5 billion, with another R$2 billion close to being added, according to the executive. Agis was created through a partial spin-off from Construcap, another construction company that has gained ground in recent years. Construcap currently has a backlog of around R$7 billion, with a focus on the industrial market, CEO Roberto Capobianco said. Its main sectors include steel, pulp and paper, and fuels. The construction company has also taken on projects related to the group’s concessions, an area in which Construcap has been expanding. Moving into concessions has also become a goal for many construction companies. Many of them previously held several long-term contracts but had to sell them to pay down debt. Taking an equity stake in a concession is seen as a way to secure large and complex projects, which are increasingly being carried out through the private sector rather than through public tenders as in the past, a source who asked not to be identified said. “The country will stop having major projects through any model other than concessions and PPPs [public-private partnerships]. Those who are not prepared will be left with smaller, less relevant projects,” the source said. Other sources note that many private concession operators have construction companies among their shareholders, limiting the availability of the most attractive projects to the rest of the market. Others pursue aggressive pricing strategies, which squeezes margins. Odebrecht, which previously held several infrastructure concessions, all of which were sold, returned to the segment this year by winning the Rota dos Sertões auction through a vehicle called Nova Infra. The company is expected to serve as the group’s platform for long-term contracts and has been seeking capital to remain competitive. Formerly known as Queiroz Galvão, the group has a separate concessions arm, Átria Investimentos. The company operates the Tamoios highway in São Paulo, as well as two other concessions in Peru and Paraguay. The group is currently studying opportunities for new projects in urban mobility, rail and highways, according to sources. The group remains active in construction through two separate companies: Álya, focused on public-sector projects and currently holding several large Metro contracts, and EGTC, which serves the private market. Each has a backlog of around R$8 billion. Camargo Corrêa also still holds a highway concession in Peru. However, the group is not seen as likely to return as a significant player in Brazil’s construction sector, by decision of its owners, according to sources. The company was one of the first major construction groups hit by Operation Car Wash to restructure but chose to withdraw from Brazil’s construction market. Despite efforts to integrate concessions into their businesses, sources point out that this path is currently difficult for local construction companies because of limited access to capital, whether due to their history of corruption and debt restructurings in recent years or high interest rates. For Agis, the cost of capital is a hurdle. The group has considered entering the concessions market and is still evaluating whether to join partners in a rail project, but it has encountered difficulties, Eduardo Capobianco said. “At current interest rates, I don’t see room to enter concessions. We may come in with an investment fund, but we won’t finance the investment ourselves. We are looking at exceptional cases.” For Roberto Capobianco of Construcap, pursuing the concessions segment has been a way to mitigate the risks of the construction market. “Construction fluctuates significantly depending on market sentiment, while concessions have stable cash flow and projects with predetermined revenue,” he said. Foreign companies have also entered Brazil with a strategy focused on concessions, which has been much easier for them because of the availability of foreign capital, people familiar with the matter said. Acciona was already operating in Brazil but gained momentum after acquiring the public-private partnership for São Paulo’s Line 6-Orange subway. Since then, it has won highway and sanitation concessions and has been evaluating new rail projects. Mota-Engil has also been evaluating several concessions. Last year, the construction company won the public-private partnership for the Santos-Guarujá immersed tunnel and, in addition to highways, is in the process of acquiring Bamin’s operations in Bahia, which include the first section of the West-East Integration Railway (Fiol). OHLA, which was previously a shareholder in Arteris, returned to Brazil’s highway concessions market in 2025 by winning the auction for the Rio de Janeiro-Juiz de Fora corridor. Odebrecht, Andrade Gutierrez Engenharia, Metha (OAS), Camargo Corrêa, Queiroz Galvão, Acciona, OHLA, and Mota-Engil were contacted but declined to comment.