September 13, 2018 |
Canadian logistics provider ATCO has agreed to purchase a 40% stake in Neltume Ports, a South American port operator and subsidiary of Ultramar, for CAD450m ($340m).
ATCO picks up the minority stake from Ultramar and gains access to 16 port facilities and three stevedoring businesses primarily located in Chile and Uruguay.
Neltume will issue new shares for ATCO while proceeds from the Canadian corporation will fund growth opportunities for Neltume.
BNP Paribas was financial advisor to Ultrama
North American unit pays roughly $340m for 40% of the South American maritime services provider