CMPort buys Brazilian port operator

CMPort buys Brazilian port operator

Project & Infrastructure Finance Brazil China M&A

China Merchants Port (CMPort) said it has agreed to buy 90% of TCP Participacoes for BRL2.89bn ($927m).The Chinese shipping company will buy the 50% stake held by the US private equity firm Advent and the 40% owned by TCP's founding shareholders Galigrain, TCB, Pattac, Soifer and TUC.Pattac, Soifer and TUC will retain a 10% stake in TCP, which operates the Port of Paranagua, the second largest port in Brazil with a capacity of 1.5m TEUs. An expansion project that will take the capacity to 2.4m T

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