China's Port Giant Buys into Brazil Port

China Merchants Port Holdings said it had bought a 90% stake in Brazil's of TCP Participações SA, Brazil’s most profitable port terminal, for about 2.9 billion reais (USD924 million), following China's purchase of the stake in Brazil's airport earlier last month.

Upon Closing, the Company will, through the CM SPV, hold 90% of the total issued share capital of TCP and the remaining 10% issued share capital of TCP will be held, as to approximately 6% by Soifer, as to approximately 2% by Pattac and as to approximately 2% by Tuc Par.

China Merchants said it "plans to fund the TCP acquisition with cash and debt".

- APMR News