Brazil Ecorodovias, Axia, Alupar, Helbor, Sao Martinho in Focus

Alupar (ALUP11) announced on Friday, July 3, after the market closed, that its consortium, Consórcio Olympus XX, won Lot 7 of the Transmission Auction No. 01/2026 – 2nd Stage, held by the National Electric Energy Agency (Aneel). The Annual Permitted Revenue (RAP) is R$96,720,000.00. The Aneel Capex is R$1,089,471,688. The Aneel energization deadline is June 2031. The concession term is 30 years.

Lot 7 will serve the Metropolitan Region of São Paulo, including the North, East and South sub-regions and the ABC region. Alupar stated in a press release that this “confirms the company’s strategy of expanding its portfolio of transmission concessions, with rigor in selecting projects that provide adequate returns to its shareholders.”

Axia Energia (AXIA3) won Lots 8, 9 and 10. The company secured Lot 8 by offering a RAP of R$10.8 million, a 59% discount. This lot includes 6 km of overhead lines and 300 MVA of transmission capacity in Mato Grosso do Sul. Axia also won Lot 9 with a RAP of R$16.2 million, a 57.2% discount. That lot covers 19 km of overhead lines and 300 MVA of transmission capacity in the state of São Paulo. The company also took Lot 10 with a RAP of R$23.75 million, a 51.8% discount, to operate 600 MVA of transmission capacity in Mato Grosso. The RAP is the amount that electricity transmission companies receive for providing the public service.

Ecorodovias (ECOR3) announced the signing of a concession contract between its concessionaire Ecovias das Gerais and the National Land Transport Agency (ANTT). The company has taken over the BR-251/MG and BR-116/MG highway system in Minas Gerais for a 30-year term, covering a 734.9 km stretch. The company said in a press release on Friday, July 3, that Ecovias das Gerais connects the cities of Montes Claros and Governador Valadares to the border with Bahia. It also has synergies with Ecovias Rio Minas and Ecovias Norte Minas, consolidating strategic long-distance logistics corridors and serving as the main road link between the Southeast and Northeast regions of the country. With the addition of Ecovias das Gerais, Ecorodovias now holds 12 highway concessions, managing over 5,000 km of roads.

The independent members of the board of directors of HBR (HBRE3) approved a unified share exchange public tender offer (OPA) to acquire control and cancel the registration of Helbor Empreendimentos (HBOR3). This would result in Helbor leaving the special listing segment Novo Mercado on the B3 stock exchange. The information was released in a material fact report on the evening of Friday, July 3. HBR stated that after the settlement of the OPA, a new, unique, diversified and resilient business platform will emerge, capable of benefiting from the consolidation of HBR’s recurring income operation, focused on the retail and corporate segments, combined with Helbor’s development expertise. The companies are controlled by the Borenstein family.

HBR said in the material fact report that the complementarity between the businesses of the two companies will place the company in a unique position to explore and develop new opportunities. It added that this will result in lower exposure to the sector’s volatility cycles and access to a premium landbank, with over 80% concentration in the city of São Paulo and more than half of the potential gross sales value (VGV) in ultra-high, high and mid-high standard segments. According to the company, the operation will also allow for gains from capturing synergies, through reducing general and administrative expenses, optimizing governance structures, and enhancing efficiency gains in joint projects. The shareholders of both companies will also benefit from the increase in trading volume and liquidity of their shares, resulting from the formation of a new consolidated shareholder base originating from HBR and Helbor, the material fact report states.

HBR’s management hired Banco BTG Pactual as the intermediary institution and guarantor of the financial settlement of the offer. It also hired Bradesco BBI to issue a fairness opinion on the proposed operation, notably on the offered Exchange Ratio. The offer, for which a registration request was filed on Friday, July 3 with the Securities and Exchange Commission (CVM), aims to acquire up to all outstanding common shares of Helbor, excluding treasury shares, at a price of R$2.52 per share. This price will be settled by delivering 0.81553398 common share of HBR for each target share.

São Martinho (SMTO3) announced the payment of R$69,910,195.97 in dividends. This amount, approved at the annual and extraordinary general meeting held on that date, is equivalent to R$0.21659225816 per share. The dividends are based on the shareholder position as of Friday, July 3, and will be paid on July 21, 2026. Shares of São Martinho will be traded “ex-dividends” starting July 6, 2026. The company noted that these dividends, added to the interest on equity (JCP) paid on August 8, 2025, in a total net amount of R$128,681,789.33, total R$198,591,985.30, equivalent to R$0.61526771526 per share.

Several other companies are also paying dividends or interest on equity this week. Ambev (ABEV3) is paying the second installment of JCP announced in December 2025. B3 (B3SA3) is paying interest on extraordinary equity from December 2025. The ‘with date’ or ‘cut-off date’ indicates the last day an investor must own a share to receive the announced payment.