China Merchants Port to buy 90% of Brazilian port operator

China Merchants Port Holdings said on Monday it would buy 90% of Brazilian port facilities operator TCP Participações S.A. for 7.23 billion Hong Kong dollars (924 million US dollars), 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 Par, Galigrain and Grup Maritim TCB, S.L.

The remaining 10% of TCP will be held by Soifer with 6%, and 2% each by Pattac and Tuc Par.

Based in the City of Curitiba, TCP operates the container terminal concession in the Port of Paranagua, which is the second-largest container terminal in Brazil.

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