APM Terminals has announced the sale of its 5% share in Terminal de Contêineres de Paranaguá (TCP) to China Merchants Port Holdings.
The share sale was initiated and led by Advent, who is the controlling shareholder of TCP. Price and terms were not disclosed and the share sale is subject to the normal reviews and condition precedents.
In March 2016, APM Terminals had acquired the 5% share in TCP as part of the Grup Maritim TCB acquisition.
In Brazil, APM Terminals maintains a strong port and landside offering to supply chains with ports in Itajai, Pecem and Santos that are integrated with inland services in Itajaí, Itapúa and Paranagua. Strategy-wise, the 5% share sale in Paranagua is deemed a small share in a port that is not operated or owned by APM Terminals and the exit reflects the company’s broader portfolio management strategy to focus on core assets and divest non-core assets.
Source: APM Terminals