Private equity firm IG4 to acquire Brazil’s grain terminal in Itaqui port
Private equity fund IG4 said on Thursday it has signed a deal with Brazil’s CGG Trading and its creditors to acquire CLI, which owns one of the largest grain terminals in the country, in the northern port of Itaqui.
The deal includes the restructuring of $236 million in debt owed by CGG Trading and conversion of part of the debt into equity.
At the end of the different transactions, IG4 will control the terminal, one of the largest in Brazil used for soybean and soybean meal exports coming from the northern states, the fund said in a statement.
CGG Trading’s creditors are Banco Bradesco SA BBDC4.SA, Banco Votorantim, Banco Santander Brasil SANB3.SA, Banco do Brasil SA BBAS3.SA, Rabobank, ABN Amro, Bank of China and Metlife Inc, the fund said.