Opportunity has reached an agreement to sell its 48% stake in Santos Brasil to CMA CGM, a French logistics and transportation giant, sources familiar with the matter told Brazil Journal.
CMA is the third largest container operator in the world by capacity and generated $47 billion in revenue last year. The company was already a client of Santos Brasil’s terminals.
The transaction was valued at around $2.4 billion (R$ 13.2 billion), equivalent to R$ 15.30 per share, a 20.4% premium over Friday’s closing price. The transaction multiple is 12x EBITDA.
Santos Brasil closed on Friday with a market value of R$ 11 billion, with shares trading at R$ 12.71.
The closing is expected by the end of the year, subject to necessary regulatory approvals.
Shareholders will also receive a dividend of at least R$ 0.50 per share by the end of the year, and a previously approved capital reduction of R$ 1.85 per share on November 6.
Opportunity invested in Santos Brasil in 1997 with the goal of expanding its port infrastructure. The company is a key player in port logistics, handling about 17% of all containers in Brazil.
Since then, the company has evolved from just a terminal in Santos to a portfolio of assets, including a vehicle terminal, two bonded warehouses, two logistics centers, a distribution center, as well as three liquid bulk terminals in Itaqui (MA), a container and general cargo terminal in Imbituba (SC), and another terminal in Vila do Conde (PA).
CMA will make a public tender offer for the remaining shares.
Today’s transaction comes after various strategic players approached Opportunity over the years trying to acquire Santos Brasil, with no deal being reached.
Rothschild & Co. advised the sellers.
Jean-Marie Messier, former CEO of Vivendi, advised CMA.
Source
Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
