By Brazil Stock Guide –
Abu Dhabi’s Mubadala Capital is taking control of Linha Amarela S.A. (Lamsa) — the private concessionaire operating one of Rio de Janeiro’s most critical urban highways — through a debt-for-equity swap worth R$ 349.75 million (US$ 62 million). The deal grants Mubadala 60.3% ownership, reducing Invepar’s stake to 39.7%, and fully settles debenture obligations between the two groups.
The Linha Amarela, a 17.4-kilometer toll road, connects Barra da Tijuca in Rio’s west zone to Ilha do Fundão, near the Galeão International Airport. Cutting through dense residential and industrial areas like Jacarepaguá, Méier, and Del Castilho, the highway moves roughly 120,000 vehicles daily, serving as one of Rio’s main east–west corridors and a vital link for commuters and logistics.
Under the agreement, Invepar’s third and fifth debenture series are extinguished, and both sides granted mutual, irrevocable releases. The transaction is pending approval by Brazil’s antitrust authority (CADE) and the Municipality of Rio de Janeiro, which supervises the concession’s terms and tariffs.
In a separate statement, Invepar extended its standstill agreement with major creditors until December 29, 2025, offering temporary breathing room as it continues its prolonged restructuring. Once a dominant infrastructure holding with assets such as GRU Airport and ViaRio, Invepar has been unwinding debt and divesting operations after years of financial strain and disputes with public authorities.
For Mubadala, the acquisition deepens its foothold in Brazil’s infrastructure sector — particularly in Rio, where the fund already controls the Mataripe Refinery (formerly Petrobras’s RLAM) and Porto Sudeste. The move underscores the growing appetite of Gulf sovereign investors for Brazilian concession assets and marks another milestone in their strategy to diversify into long-term, regulated cash-flow infrastructure.