INTERNATIONAL Container Terminal Services Inc. (ICTSI) on Friday said that it had finalized the full acquisition of Brazilian ports solutions provider iTracker Logistica Inteligente to support future related investments and help meet the growing needs of Brazil’s foreign trade.
“We have signed a share purchase agreement to acquire the remaining 30 percent equity interest in iTracker, raising our ownership from 70 percent to 100 percent,” ICTSI said in a disclosure.
The port operator issued the confirmation in response to a stock exchange query.
iTracker services users of the Port of Rio de Janeiro as an intermodal logistics provider, providing access to a container depot, export container freight station, distribution center, general warehousing and road and railway transportation.
ICTSI said the undisclosed total consideration was negotiated and paid in cash and constituted less than 10 percent of consolidated shareholders’ equity as end-June this year.
It added that the acquisition would have no material impact on its future financial results.
ICTSI shares on Friday went up by P35, or 3.95 percent, to close at P920 per share.
