Advent to buy Brazil port stake for $500 mln
Advent International will buy a 50 percent stake in Brazil's third-largest container port for about $500 million, the private equity firm said on Friday, betting on continued growth in the country's imports and exports.
The investment in Terminal de Conteineres de Paranagua SA, or TCP, will allow the port company to fund a massive expansion plan in the coming months, Advent said. TCP expects to handle 1.2 million TEUs, or the standard measure of a 20-foot container, after the investments, from about 700,000 a year now.
Current shareholders of TCP, including Brazilian companies Pattac, TUC and Soifer and Spain's leading port operator TCB Group and Spanish ship broker Galigrain SA, will stay on at the company, Advent said.
Advent, which has stakes in Brazilian restaurant chains and clearing house Cetip , was advised by Bradesco BBI, the investment banking unit of Banco Bradesco on the deal, while Santander advised TCP.
The investment in Terminal de Conteineres de Paranagua SA, or TCP, will allow the port company to fund a massive expansion plan in the coming months, Advent said. TCP expects to handle 1.2 million TEUs, or the standard measure of a 20-foot container, after the investments, from about 700,000 a year now.
Current shareholders of TCP, including Brazilian companies Pattac, TUC and Soifer and Spain's leading port operator TCB Group and Spanish ship broker Galigrain SA, will stay on at the company, Advent said.
Advent, which has stakes in Brazilian restaurant chains and clearing house Cetip , was advised by Bradesco BBI, the investment banking unit of Banco Bradesco on the deal, while Santander advised TCP.