ICTSI buys out partner in Brazil logistics firm

MANILA, Philippines — International Container Terminal Services Inc. (ICTSI) is buying out its partner in a full intermodal logistics provider that offers eco-efficient solutions to users of the Port of Rio de Janeiro in Brazil.

ICTSI said it signed a share purchase agreement to acquire the remaining 30 percent equity interest in iTracker Logistica Inteligente, raising its ownership from 70 percent to 100 percent.

ICTSI earlier expressed its intent to acquire the remaining 30 percent interest in iTracker.

The company said it negotiated and paid the total consideration in cash, noting that it is less than 10 percent of its total consolidated shareholders’ equity.

ICTSI previously entered into agreements with Brazilian firm Tracker Logistica to set up iTracker, to be owned 70 percent by an ICTSI unit and 30 percent by Tracker Logistica.

Through its subsidiary, IRB Logistica Ltda., ICTSI operates in the state of Rio de Janeiro — one of Brazil’s three largest exporting states — with access to maritime, road and rail infrastructure.

Among the services provided by iTracker are an empty container depot, an export container freight station, general warehousing, a distribution center and road and rail transportation.

ICTSI said iTracker contributes less than one percent to its consolidated financial performance and has no material impact on the company’s future financial results.