China Merchants Port Holdings Co (CMPort) said it has completed the acquisition of Paranagua Container Terminal (TCP) in Brazil, the country's second-largest container terminal, a statement posted on the company's website said on Monday.
The deal is the biggest merger and acquisition so far in the Brazilian and Latin American port sector, said the statement.
The deal is also CMPort's first investment in Latin America, and its first involving mature port assets overseas with controlling stake.
The deal takes CMPort's overseas port network expansion from Asia, Africa, Europe and North America to Latin America.
Sources:ECNS
TCP is the second-largest container terminal in Brazil, with existing design capacity of 1.5 million 20-foot equivalent units (TEUs) and 2.4 million TEUs by the end of 2019.
Sources:ECNS
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