A leading Brazilian highway concessions company seeks international expansion due to stalled economic growth in Brazil. The case explores factors to consider for expansion, focusing on South American markets. Analysis includes cultural fit, political environment, economic prospects, and competitive landscape. A graphical interpretation helps identify attractive markets like Mexico, Colombia, Chile, and Peru. The case then compares primary investment versus M&A strategies, providing a quantitative analysis of ROIC and payback periods. The recommended approach is primary investment in a South American market, particularly Mexico, Chile, or Colombia, due to cultural similarities, attractive business environments, and potentially higher ROIC compared to M&A opportunities.