China Merchants Holdings International Co., which operates terminals in Hong Kong and Shanghai, said it led a group of investors to buy a 64.5 percent stake in a Turkish company to get control of its port facility.
China Merchants teamed up with COSCO Pacific Ltd. and a subsidiary of China Investment Corp. to buy the stake in Fina Liman for $920 million, the Chinese port operator said in a statement to the Hong Kong stock exchange Thursday. The acquisition gives the consortium access to the terminal of Fina’s subsidiary Kumport.
An international expansion will help diversify revenue at China Merchants, which got 92 percent of its revenue last year from the Pearl River Delta region, according to data compiled by Bloomberg.
The agreement also includes a direct purchase of 1.35 percent stake in Kumport for $20.3 million. Kumport owns and operates a terminal in Ambarli Port Complex of Marmara region in Turkey, according to the statement.