China Merchants to buy 90% stake in Brazil's most profitable port

Sao Paulo

CHINA Merchants Port Holdings Co Ltd has agreed to buy 90 per cent of TCP Participações SA, Brazil's most profitable port terminal, for about 2.9 billion reais (S$1.3 billion), a sign of growing interest in assets across Latin America's No 1 economy.

China Merchants said in a statement on Monday that it bought the stake from an investment vehicle led by Advent International Corp and other partners including Soifer, Pattac Empreendimentos SA and Grup Maritim TCB SL. The remaining 10 per cent stake in TCP will be held by Soifer, Pattac and another partner.