China Merchants Port Holdings Co. Ltd intends to buy 90 percent of the most profitable operator of container terminals in Brazil, TCP Participações SA, for 2.9 billion reais (US$924 million), Reuters reports.
The news agency quotes a written statement issued by China Merchants Port as saying it will buy the stake from an investment vehicle headed by equity fund Advent International Corp. of the United States.
The report says the purchase requires the consent of the regulators.
The other 10 percent of TCP will be retained by several companies, including Pattac Empreendimentos e Participações SA of Brazil.
TCP runs the Paranaguá container terminal, the second-most important in Brazil, Reuters says.