Wednesday 26 February
Jul 22, 2019 @ 16:14

ICTSI to shell out $197M for Rio de Janeiro terminal


Bilyonaryo Enrique K. Razon Jr.’s International Containter Terminal Services Inc. is acquiring 100% of Libra Terminal Rio for 740 million Brazilian reais (roughly $197 million).

Under the agreement, ICTSI shall acquire 85.115 million secondary shares and 186.94 million new shares of Libra Terminal Rio for $2.72 Brazilian reais.

ICTSI said the amount of the consideration was negotiated and determined on a “cash-free, debt-free” basis through a discounted cash flow method.

Libra Terminal Rio operates port facilities in an area under management of Companhia Docas do Rio de Janeiro (“CDRJ”), located in the Port of Rio de Janeiro City.

“The transaction will expand ICTSI’s footprint in the Brazilian container terminal market and is expected to generate value- accretive returns for ICTSI’s shareholders,” the global port operator said in a stock exchange filing.

Last year, Libra Terminal Rio had a throughput of 135,000 TEUs. The terminal has a capacity in excess of 530,000 TEUs with the ability to expand further.

It has state-of-the-art container terminal assets, including 5 ship-to-dhore gantry cranes and an extensive range of yard handling equipment including more than 16 rubber-tired-gantry cranes.

It has a total land area of 18.8 hectares and 715 meters of quay wall, with a design water depth of up to 16 meters and thus the capability to receive global shipping lines’ largest container vessels.

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