By Andres Gonzalez and Luciana Magalhaes

LONDON/SAO PAOLO, Nov 5 (Reuters) - Mexico's Grupo Aeroportuario del Sureste (Asur) ASURB.MX has emerged as the leading bidder to buy Motiva's MOTV3.SA airport portfolio, two sources with knowledge of the talks told Reuters.

Brazil-based Motiva Infraestrutura de Mobilidade, formerly known as CCR, said in May it had begun the sale process in a shift to focus on its core highway concessions business.

Mexico's Asur has so far outbid Spanish operator Aena and Argentina's Corporacion America Airports $(CAAP)$ for Motiva's 17 Brazilian airports and international hubs in Ecuador's capital Quito, Costa Rica's San Jose and Curaçao, the sources said.

Asur's offer valued the assets at around 5 billion reais ($925 million), excluding debt, one of the sources said.

The group's annual report said its airports served around 45 million passengers in 2024.

Aena and Motiva declined to comment on the sale. Asur and CAAP did not respond to requests for comment.

Motiva CEO Miguel Setas said last week during a third quarter earnings call that the group expected to announce a sale of the assets before the end of 2025.

Motiva manages and maintains a network of highways, airports and passenger transport services, including subways, trains, light rail, and ferries.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for Motiva's airports business rose 15% to 912 million reais in the first nine months of 2025.

($1 = 5.4039 reais)

(Reporting by Andres Gonzalez in London and Luciana Magalhaes in Sao Paolo; additional reporting Kylie Madry; editing by Anousha Sakoui and Alexander Smith)

((andres.gonzalez@thomsonreuters.com ; +44 (0) 7551 790019))