China is moving to deepen its overseas port holdings with the purchase of Brazilian port operator TCP Participações for nearly $1bn, the latest inroads into South America for a Chinese state-backed group.
China Merchants Port Holdings on Monday said it had agreed to buy 90 per cent stake of TCP Participações for $924m. The deal will give the company its first port operating capabilities in Brazil.
The company will buy the shares from investment funds including Fundo de Investimento em Participações, Soifer, Pattac and Tuc Par. The remaining 10 per cent of TCP will be held by Soifer, Pattac and Tuc Par.
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