China’s grand plans help Advent to shore in Brazil – Breakingviews

Context News

State-backed China Merchants Port has agreed to buy TCP Participações, which manages Brazil’s second-largest container terminal, from U.S. private-equity firm Advent International and founding shareholders in a deal that values the company at 3.2 billion reals ($1 billion).

CM Port will buy 90 percent of TCP for about 2.9 billion reals, Advent said in a statement on Sept. 4. The sale consists of Advent’s 50 percent stake in the company, which it bought in 2011, as well as a 40 percent stake held by TCP’s founding shareholders, some of which will retain a 10 percent interest.

TCP manages the Terminal de Contêineres de Paranaguá, one of Latin America’s biggest container terminals, as well as TCP Log, a logistics company. Goods handled by TCP include frozen meat, wood, auto parts, chemicals and electronics.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

14 − twelve =