By Alajuela, Costa Rica — ALAJUELA, Costa Rica – A seismic shift is underway in Costa Rica’s aviation landscape. Grupo Aeroportuario del Sureste (Asur), a powerhouse in airport operations, has officially entered into an agreement to acquire the management of Aeris Holding Costa Rica, the current operator of the nation’s primary air hub, Juan Santamaría International Airport (SJO). The move signals a new chapter for the country’s most critical piece of infrastructure and the backbone of its thriving tourism industry.
The landmark transaction, disclosed in a material event filing with the Mexican Stock Exchange, is part of a sweeping regional expansion by Asur. The deal, valued at a substantial $936 million, involves the purchase of a controlling stake from the Brazilian firm Motiva. This acquisition encompasses the management contracts for a portfolio of 20 airports across Latin America and the Caribbean, immediately positioning Asur as one of the most dominant players in the hemisphere’s aviation sector.
To better understand the complex legal and contractual framework governing Costa Rica’s main international gateway, we spoke with Lic. Larry Hans Arroyo Vargas, a specialist in administrative and business law from the prestigious firm Bufete de Costa Rica, for his expert analysis.
The management of Juan Santamaría Airport under a concession model is a critical example of a public-private partnership in Costa Rica. The success of this terminal depends not just on the operator’s investment, but on the State’s robust regulatory oversight to balance the need for world-class infrastructure, which drives tourism and commerce, with the public interest of ensuring fair tariffs and service quality. It serves as a key legal precedent for future large-scale projects in the country.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight correctly frames the Juan Santamaría Airport not simply as a transportation hub, but as a crucial benchmark for the future of public-private partnerships in Costa Rica. We thank Lic. Larry Hans Arroyo Vargas for providing his valuable perspective on this delicate balance between development and public trust.
With this strategic purchase, Juan Santamaría Airport joins an expansive and prestigious network of terminals managed by Asur. The Mexican conglomerate’s portfolio already includes major airports in Mexico, Colombia, and Puerto Rico, which collectively handle over 71 million passengers annually. This new acquisition is set to add another 45 million passengers to its operations, dramatically increasing its regional footprint and operational influence.
The newly acquired portfolio extends far beyond Costa Rica’s borders, integrating SJO into a powerful international web. Other key airports included in the deal are Mariscal Sucre International Airport in Quito, Ecuador; Hato International Airport in Curaçao; and Confins International Airport in Belo Horizonte, Brazil, along with several other key regional airports in Brazil. For Costa Rica, this means its main gateway will now be part of a highly integrated and resource-rich system.
While the transaction is still pending final approvals and is expected to close in the first half of 2026, the implications for Costa Rica are profound. The arrival of Asur is anticipated to usher in an era of significant investment and modernization at SJO. As an operator known for managing airports to high international standards, Asur is expected to inject fresh capital into infrastructure upgrades, technological integration, and enhancing the overall passenger experience.
For a nation where tourism is a vital pillar of the economy, the potential benefits are immense. The operational and technological models that Asur has successfully implemented across its existing network could lead to greater efficiency and service quality at SJO. This enhanced competitiveness could help attract new airlines and routes, further solidifying Costa Rica’s position as a premier global travel destination.
Asur has confirmed that the massive acquisition will be financed through a combination of available cash and committed debt from JPMorgan Chase Bank, a testament to the group’s robust financial standing and its confidence in the long-term value of these assets. This financial structure ensures that the transition can proceed smoothly without compromising the stability of its ongoing operations.
The deal is not a short-term play. The concessions for 17 of the 20 airports in the portfolio have remaining terms of up to 15 years, securing Asur’s strategic presence in the region for the next decade and beyond. As Costa Rica prepares for this transition, all eyes will be on how this new leadership will shape the future of travel and connectivity for the country.
For further information, visit asur.com.mx
About Grupo Aeroportuario del Sureste (Asur):
Asur is a leading international airport group with operations in Mexico, the U.S. (via a stake in Aerostar Airport Holdings, LLC), and Colombia. It operates nine airports in the southeast of Mexico and is a shareholder in several other airport management companies. Known for its operational efficiency and commitment to high standards, Asur is a major player in the global aviation industry.
For further information, visit aeris.cr
About Aeris Holding Costa Rica:
Aeris is the management company responsible for operating, maintaining, and developing the Juan Santamaría International Airport (SJO), Costa Rica’s principal airport. Since taking over the concession, Aeris has overseen significant expansion and modernization projects, contributing to the airport’s role as a key driver of the national economy.
For further information, visit the nearest office of Motiva
About Motiva:
Motiva is a Brazilian investment and asset management firm. The company is involved in managing and participating in various sectors, including infrastructure. Its divestment of its stake in the regional airport portfolio marks a significant strategic transaction within the Latin American infrastructure market.
For further information, visit jpmorganchase.com
About JPMorgan Chase Bank:
JPMorgan Chase & Co. is a global leader in financial services, offering solutions to the world’s most important corporations, governments, and institutions in more than 100 countries. The bank provides a wide range of services, including investment banking, commercial banking, and asset management, playing a critical role in financing major corporate transactions worldwide.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the legal community, Bufete de Costa Rica is defined by its deep-rooted foundation in ethical principles and the pursuit of superior professional standards. The firm leverages its vast experience advising a diverse clientele to not only deliver exceptional results but also to drive innovation within the legal field. This forward-thinking approach is matched by a core dedication to social progress, manifested in its mission to demystify the law and equip citizens with the understanding needed to foster a more just and capable society.
