AD Ports Group has disclosed that it has acquired the Brazilian operator Corredor Logística e Infraestrutura (CLI) for $835 million. This is the UAE port group’s largest transaction ever in South America.
CLI operates two of Brazil’s most important agricultural export terminals under long-term concession agreements: CLI Sul at the Port of Santos, the country’s top sugar export terminal and a major hub for corn and soybean exports, and CLI Norte at the Port of Itaqui, a key hub in the Brazilian export corridor known as the ‘Arc of the North’.
The transaction, subject to the usual regulatory approvals, is expected to be completed in the second half of the year.
“The transaction extends our Group’s international reach for the first time in Latin America and deepens our growing agrifoods activities, one of our core verticals,” observed Captain Mohamed Juma Al Shamisi, Managing Director and CEO of AD Ports Group.
Translation by Giles Foster
