China Merchants Group (CMG) is closing in on completing the purchase of a 50% holding in Brazil’s second-largest container port, according to Reuters citing Brazilian newspaper O Estado de S Paulo.
The Hong Kong-based, China state-owned conglomerate is well advanced in talks with potential seller Advent International Corp, a US-based global private equity investor.
At stake is a half share of TCP Terminal de Conteineres de Paranaque, in the southern state of Parana.
The facility handles 1.2 million teus annually. It has an 879-metre long dock front with three docking positions.
Previously Advent had been talking with Dubai-based DP World about a deal but those discussions ran into problems.
Last August, Advent was reported to be seeking a price for the stake that would value the whole port at $1.1bn.