Exit File: Emerging markets LatAm

A key recent deal from the region.


Sector: logistics

Seller: Advent International, founding shareholders

Buyer: China Merchants Port Holdings

Enterprise value at exit: 4 billion reais
($1.2 billion; €1.1 billion)

Date: September 2017

Advent International and the founding shareholders of TCP Participações agreed to sell a 90 percent stake in the business to China Merchants Port for around 2.9 billion reais in September 2017.

The deal valued the company’s equity at 3.2 billion reais, with an overall enterprise value of around 4 billion reais.

TCP manages the Terminal de Contêineres de Paranaguá, one of the largest container terminals in South America, and the logistics company TCP Log.

Advent acquired 50 percent of TCP in 2011 for around $400 million.

CMPort managing director Bai Jingtao described the acquisition as the future hub of the rising commodity and goods trade flow between Brazil and China and said the deal demonstrates the firm’s “confidence in the Brazilian economy and its commitment to contribute to the development of the country’s infrastructure and the increased flow of business between BRICs countries”.