Mubadala Capital Sells MetrôRio Operator Stake

Mubadala Capital, the investment arm of Abu Dhabi's sovereign wealth fund, has initiated a process to divest its controlling stake in HMobi, the operator of Rio de Janeiro's vital subway and light rail systems. The firm has reportedly engaged Santander to manage the sale, signaling a significant shift in the Brazilian transportation infrastructure sector. This move comes as Mubadala Capital looks to exit an asset that was transferred to its portfolio in 2021 as part of a debt restructuring for infrastructure conglomerate Invepar.

The stake up for sale represents 51.5% of HMobi, which holds long-term concessions for the MetrôRio and MetrôBarra networks, extending until 2048. Sources familiar with the matter describe the asset as robust, particularly given its recent concession renewals. The preliminary outreach to potential buyers is expected to span several months, indicating a strategic approach to finding the right successor for this critical piece of urban mobility infrastructure.

The initial transfer of HMobi to Mubadala Capital was a consequence of Invepar settling a substantial debt of R$ 2.6 billion. This transaction allowed Invepar to clear R$ 1.8 billion of its obligations to creditors, including Mubadala Capital itself. Following this restructuring, the company was rebranded as HMobi. The remaining 48.5% of the company is held by prominent Brazilian pension funds: Previ, Funcef, and Petros, who are expected to remain as minority shareholders.

Recent financial performance highlights HMobi's operational strength. In the first quarter of 2026, the company facilitated the transport of 41.6 million paying passengers. It generated a net revenue of R$ 333 million, achieving a strong EBITDA margin of 47.5%. The company reported a net profit of R$ 19.1 million during the period. Its financial leverage, measured by net debt to EBITDA, stands at a manageable 2.9 times, reflecting a solid balance sheet within the challenging infrastructure sector.

The divestment by Mubadala Capital aligns with broader trends in private equity, where strategic exits are common after a period of asset management and value enhancement. For the Brazilian market, the sale of a controlling stake in such a significant urban transport operator could attract interest from global infrastructure funds, strategic players in the mobility sector, and potentially other large institutional investors looking for stable, long-term cash flows. The infrastructure sector in Brazil, particularly in urban mobility, continues to be a focal point for investment, driven by population growth and the need for modernized public transportation systems.

The sale process, managed by Santander, will likely involve a thorough due diligence phase, assessing not only the financial health of HMobi but also its operational efficiency, regulatory compliance, and future growth potential. The involvement of major pension funds as co-owners suggests a stable governance structure, which could be an attractive feature for prospective buyers. This transaction represents a notable opportunity for investors seeking exposure to essential infrastructure assets in a key South American economy.