Corredor Logística e Infraestrutura Sul (CLI SUL), a wholly-owned arm of Corredor Logistica e Infraestrutura (CLI), has agreed to purchase an 80% stake in Elevações Portuárias (EPSA) from railway operator Rumo for nearly R$1.4bn ($260m).

EPSA is the operator of the T16 and T19 terminals at the Port of Santos (SP), Brazil.

Rumo has decided to divest the stake as part of its plan to promote long-term alliances, focus on rail logistics and implement strategic expansion projects.

The transaction will be facilitated through a capital increase in CLI by the Australia-based fund Macquarie Infrastructure Partners V.

According to Reuters, CLI will secure R$500m (92.4m) from Macquarie, which will share control of CLI with IG4 Capital Investimentos (IG4), an existing shareholder of the company.

In a statement, EPSA said: “We also clarify that the documents dealing with the aforementioned purchase and sale of EPSA provide conditions under which EPSA undertakes to comply with the current contracts in force, without causing any changes to the terminal’s customers.”

The deal is subject to compliance with certain precedent usual conditions, including prior clearance by the Administrative Council for Economic Defense (CADE) and the National Agency for Waterway Transport (ANTAQ).

In 2018, Macquarie pledged approximately $130m to develop a new container staging facility at Terminal Island in the Port of Los Angeles, US.

The company executed a strategic transaction with the Harbor Performance Enhancement Center (HPEC) for the development.