French shipping group CMA CGM reports it has closed the first stage in its planned acquisition of Santos Brasil, a multi-terminal operator in Brazil including the Port of Santos. CMA CGM announced in September 2024 its intention to acquire the company first buying shares from an institutional fund manager and then launching a tender offer for the remaining shares.
The acquisition comes as South America and specifically Brazil continues to draw investments from the major shipping companies. CMA CGM will be investing in excess of $2 billion to expand its operations in Brazil. MSC and Maersk have also announced expansions for their operations in Brazil as well as DP World.
CMA CGM reports it closed the acquisition of approximately 48 percent of the shares in Santos Brasil from funds managed by Opportunity, one of the largest asset managers in Brazil for a reported value of approximately $1.1 billion. Combined with a three percent position held by an affiliate of CMA CGM, the company now controls 51 percent of Santos Brasil.
A second stage tender will be launched for the remaining shares once an independent appraisal is completed.
Santos Brasil operates five terminals and a total of eight assets, including the largest container terminal in Brazil and South America. The Tecon Santos Terminal in Santos currently has a capacity of 2.5 million TEU and will be expanded to 3 million TEU. It can dock three 14,000 TEU vessels simultaneously. According to CMA CGM, the terminal handles 40 percent of Brazil’s overall container volume. They also called it the most efficient terminal in the Port of Santos.
The acquisition expands CMA CGM’s 20-year presence in Brazil and is keeping with the strategy to grow terminal operations and the logistics segments of the business. CMA CGM said it will support the development of Santos and the other ports and will integrate the operations with its group including CEVA Logistics.
The acquisition comes as Santos continues to report strong growth. The Port Authority reported March was the third consecutive month of increases and at 460,000 TEU was the busiest March on record. It said the positive performance resulted in an increase of nearly seven percent for the first quarter of 2025 or a total of 1.3 million TEU handed in the port.
The federal government has committed to investments in the Santos port complex. It will invest $2.2 million to improve access both by land and sea, including new roads and the deepening of the shipping channel.
The Port of Santos is a key contributor to Brazil’s foreign trade accounting for nearly a third (30 percent) of the country’s trade flow in March. China is the main trading partner accounting for more than 28 percent of the volume in the port. In addition to containers, Santos is a major port for soybeans and other agricultural commodities as well as gasoline and the fuel sector.
