This study contributes to the research on public-private collaboration. It comprehends how these hybrids organizational arrangements influence value creation and capturing mechanisms. A case study based on the development of a public transportation solution in Brazil is undertaken. This initiative involved collaboration between a range of partners including foreign and domestic MNCs, NGOs, government and SOEs (stated-owned enterprise). Using a business network approach, we propose a theoretical framework of value creation and capturing through public-private collaboration and argue that the value is constructed through the complementarity of resources and the cohesiveness of motives of the involved actors. Our findings suggest that the success of the collaboration goes beyond the benefits from simply generating revenues, thereby expanding the value capturing concept.