China Merchants Port Holdings Co Ltd (0144.HK) said on Monday it would buy 90 percent of Brazilian port facilities operator TCP Participações S.A. for HK$7.23 billion ($924 million), as it aims to expand into Latin America.
The deal, which would be funded by internal resources and external debt financing, is conditional on government approvals including from the Brazilian antitrust and regulatory authorities, the Chinese port operator said in a filing to the Hong Kong bourse.
China Merchants said it would buy the TCP shares from investment fund Fundo de Investimento em Participações, Soifer, Pattac, Tuc Pac, Galigrain and Grup Maritim TCB, S.L.
The remaining 10 percent of TCP will be held by Soifer with 6 percent, and 2 percent each by Pattac and Tuc Par.
Based in the City of Curitiba, TCP operates the container terminal concession in the Port of Paranaguá, which is the second-largest container terminal in Brazil.
Source: Reuters.com