Hong Kong-based China Merchants Port Holdings Company Limited (CMPort) has paid 2.891 billion reais (US$922 million) for 90% of Brazil’s TCP Participações, the company that manages the Paranaguá container terminal under concession, the group said in a statement released on Monday in Hong Kong.
The deal, completed at the BRICS summit meeting in Xiamen, Fujian province, includes TCP Log, a 100% controlled company owned by TCP Participações and which sells door-to-door market logistics solutions for Brazilian importers and exporters.
Under the terms of the agreement, the CMPort group will buy 50% of the shares from Advent International and 40% of the company’s shares from the founding shareholders of TCP Participações, a company valued at approximately 3.2 billion reais.
The Paranaguá container terminal, one of the largest in Brazil, has an annual processing capacity of 1.5 million TEUs (Twenty-foot Equivalent Units) and has begun an expansion project to process 2.4 million TEU per year.
Among the products that are shipped from this terminal, which handles about 10% of the total number of TEU in Brazil, are frozen meats, for which it is the leader in the country, wood, components for the automotive industry, chemicals and electronic equipment.
The CMPort group operates ports in China and Hong Kong, as well as in other countries, including Sri Lanka, Djibouti and the United States, and the current deal is the beginning of its expansion into Latin America. (macauhub)