China Merchants Port Holdings Company (CMPort), via its subsidiary Kong Rise Development, has agreed to acquire shares in Brazil's Port of Paranaguá from TCP Participações (TCP).
The transaction will see CMPort acquire 90% stake in TCP for a sum of approximately HK$7.2bn ($923m).
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The acquisition will enable CMPort to expand its business to Latin America, as well as strengthen its network of overseas global ports.
It will also enable the company to use TCP's marine transportation hub to expand its logistics network, export / import services and industrial zone.
The share purchase will be funded through a combination of internal resources and external debt.
Monaco-based marine transportation provider Scorpio Tankers has been merged with Navig8 Product Tankers (NPTI).
Scorpio has offered 55 million common stock shares to the NPTI common shareholders as part of the merger.
The shares issued by Scorpio to NPTI are equivalent to 19.7% of the total 279 million common issued and outstanding shares.
Additionally, Scorpio has acquired NPTI’s operating fleet of 27 eco-design product tankers as part of the deal, including 15 LR2 and 12 LR1 vessels with a weighted average of 1.2 years and a combined carrying capacity of approximately 2.6 million deadweight tonnes (DWT).
The merger has increased Scorpio’s total operating fleet to 105 owned or finance leased tankers, including 38 LR2, 12 LR1, 41 MR tankers and 14 Handymax vessels.
