Australia's Macquarie Group ASX:MQG said on Tuesday its asset management arm and Brazil's IG4 Capital agreed to sell a controlling stake in Corredor Logística e Infraestrutura S.A (CLI) to AD Ports Group ADX:ADPORTS for $835 million.
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The management at CLI, a Brazilian agri-bulk port terminal operator, will be unchanged after the deal, with Gabriel Motta remaining as CEO, Macquarie said in a statement.
The transaction, AD Ports' largest ever purchase, will enable the company to set up new trade routes directly linking Brazil to Khalifa Port and Abu Dhabi Food Hub, the UAE-based ports operator said.
Sao Paulo–based CLI operates Brazil's leading sugar export terminal and a key export terminal for corn and soybean, AD Ports added.
The deal, entered into by Macquarie Asset Management through Macquarie Infrastructure Partners V and IG4 Capital through its Private Equity Fund II, is subject to regulatory and antitrust approvals.
"As a long-term investor in the country, Macquarie remains committed to acting as a responsible custodian of essential infrastructure assets that help drive economic development, improve connectivity and support Brazil's role in global trade," said Fernando Lohmann, head of Macquarie Asset Management in Brazil.
Macquarie did not disclose the full details of the deal when contacted by Reuters.