Chinese state-owned corporation China Merchants Group (CMG) is looking to spread its footprint in Brazil as the company is reportedly in negotiations to buy Advent International Corp’s 50 percent stake in TCP Terminal de Contêineres de Paranaguá SA, local media informed.

Namely, the conglomerate is preparing to acquire the stake in Brazil’s second-busiest container port, which was put up for sale in 2016.

The negotiations with the Chinese group intensified after the Dubai-based DP World decided to back out of the race for the terminal stake.

Local media cited undisclosed sources close to the matter as saying that the value of the share in question stands at some USD 1 billion.

The negotiations are allegedly in the advanced phases as the parties are set to resolve final details on the matter and could soon sign a binding agreement on the sale.

World Maritime News Staff