by Lloyd's List

23 September 2024 (Lloyd's List) - FRENCH container giant CMA CGM has acquired 48% of terminal operator Santos Brasil from asset manager Opportunity, at a cost of R$6.3bn ($1.2bn).

Santos Brasil operates the largest terminal in South America, Tecon Santos, as well as other sites including Imbituba and Vila do Conde.

Tecon Santos alone has a capacity of 2.4m teu, which would comfortably put it inside the world’s Top 100 Container Ports on its own.

Despite a disappointing year for Santos in terms of teu throughput (down 4.1% in 2023 on 2022), the Brazilian port still ranked 43rd among the biggest container ports in the word, handling 4.78m teu last year.

The transaction is still subject to approval from regulatory authorities, but is expected to be completed during the first quarter of 2025.

Once complete, Santos Brasil said CMA CGM will launch a bid to takeover the remaining 52% of the operator at the same price agreed with Opportunity.