Belt & Road to Brazil? China buys another port

State-owned China Merchants Port agrees to buy controlling stake in TCP, operator of Brazil's second largest port, as Beijing extends its influence to another debt-laden country.

Brazil’s second-largest container port will be in Chinese hands after state-owned China Merchants Port agreed a $920 million deal, sealing its second port acquisition in less than two months and extending China’s collection of overseas port assets.

Hong Kong-listed China Merchants Port announced on Monday it had entered into an agreement to buy a 90% interest in Terminal de Contêineres de Paranaguá TCP from US private equity firm Advent International. TCP operates Port of Paranagua in the southern state of Parana, Brazil’s second largest port with total annual capacity of 1.5 million twenty-foot equivalent units.

The deal follows hot on the heels of its purchase of...

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