ATCO Ltd. has reported that it will buy a 40-percent stake in the South American port operator Neltume Ports for about $450 million.
ATCO which is based in Calgary has interests in logistics, energy, and real estate. The stake in the port operator and developer is aimed at diversifying its business.
The deal adds to ATCO’s partnership with Parkland Fuel Corp. subsidiary Ultramar, which owns Neltume Ports.
The two companies partnered in 2016 to form ATCO-Sabinco as a provider of container offices, workforce mining camps and other structures in Chile.
Neltume Ports operates in 16 port facilities and three loading and unloading businesses primarily in Chile and Uruguay. ATCO says the company handles nearly 51 million tonnes of products and employs about 3,900 people.
ATCO chief executive Nancy Southern says the company sees South America as an area poised for significant growth.