CHINA Merchants Port, the port division of the state-owned conglomerate China Merchants Group, has acquired 70 % of Vast Infraestrutura, a company operating a crude oil transhipment terminal in the port of Acu, in Rio de Janeiro, Brazil.
This is the second acquisition by the Chinese port giant in Brazil, after purchasing a majority stake in Paranaguá Container Terminal for $492.8 million in 2017.
China Merchants Port said the acquisition of Vast would allow the group to continue its expansion in the Latin American region and further consolidate its position globally.
Vast is owned by the Brazilian logistics company Prumo Logística, which is controlled by the US investment fund EIG Global Energy. After the transaction closes, Prumo will retain the remaining 30% stake.
Translation by Giles Foster
