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CMP buys majority of TCP Participações
Hong Kong-listed China Merchants Port Holdings (CMP) has bought a 90% stake in TCP Participações SA which operates cargo-handling facilities in the southern Brazilian port of Paranagua.
The transaction is valued at RMB2.9B (US$925M) with the shares purchased from TCP’s founding shareholders Galigrain, Grup Maritim TCB, Pattac, Soifer and TUC (40%) and venture capital group Advent International (50%). A 10% stake is being retained by Soifer, Pattac and TUC.
The deal marks CMP’s first investment in South America as up to now its focus has been on acquiring ports and terminals along the One Belt One Road Corridor and in Africa. Nevertheless, management has always said that Latin America was a continent of interest for the group.
Dr Hu Jianhua, vice chairman of CMP and executive vice president of China Merchants Group Ltd (CMG), elaborated: “This transaction serves CMG's intention to promote commercial co-operation with the BRICS countries and the ‘China Brazil Joint Action Plan’. It will also help us achieve our commercial objectives and at the same time enhance the trade development between Brazil and China.”
TCP’s main asset is Terminal de Contêineres de Paranaguá, which is one of the largest container-handling facilities in Brazil. Currently, it has a design throughput capacity of 1.5M TEU a year but an expansion programme in place will raise this to 2.4M TEU a year by the end of 2019. TCP also owns TCP Log, which is a specialist integrated logistics company.
The deal is subject to regulatory approval and approval from Brazil’s antitrust authority with CMP hoping that it will be completed by the end of 2017.
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