CMPort to acquire 90% of TCP

China Merchants Port Holdings (CMPort) is set to acquire a 90% stake in Terminal de Contêineres de Paranaguá (TCP) from the Brazilian terminal’s founding shareholders and global private equity company Advent International.

CMPort, Advent and TCP Participações announced in early September that they had signed a deal under which CMPort will acquire 90% of TCP’s shares for around $925m.

TCP Participações manages the Brazilian terminal, which is one of the largest container terminals in South America, as well as the logistics company TCP Log.

Under the deal, CMPort will acquire the 50% share in TCP held by Advent, as well as the 40% owned by TCP’s founding stakeholders – Galigrain, Grup Maritim TCB (TCB), Pattac, Soifer and TUC.

While Advent, Galigrain and TCB will sell all of their shares in TCP, Pattac, Soifer and TUC will collectively keep hold of a 10% stake in the company.

The deal, which values 100% of TCP’s shares at around $1bn, is one of the largest ever announced in Latin America’s container terminal sector and is CMPort’s first investment in Latin America.

Commenting on the acquisition, Dr Bai Jingtao, CMPort’s managing director, said: “China Merchants Port has rapidly expanded its overseas presence and understands that the entry into Latin America, especially Brazil, is crucial for the global expansion of its terminal network.

“TCP is not only China Merchants’ cornerstone to enter Brazil, but also the future hub of the rising commodity and goods trade flow between Brazil and China.”

Luiz Antonio Alves, TCP’s CEO, said: “We believe CMPort will contribute significantly to our next phase of growth by capturing synergies among its various terminals worldwide and bringing its global expertise for the benefit of TCP’s customers.”

The acquisition is expected to be completed by the end of this year.

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