ICTSI completes Brazil logistics acquisition

RAZON-LED International Container Terminal Services, Inc. (ICTSI) has completed the acquisition of Brazil-based general and bonded warehousing and multimodal logistics company Companhia Regional de Armazéns Gerais e Entreposto Aduaneira (CRAGEA) through its unit IRB Holdings Ltda., expanding its logistics business in Brazil.

In a regulatory filing on Thursday, the listed port operator said all conditions precedent to the transaction, including regulatory approvals, had been satisfied, allowing the acquisition to close.

“The transaction represents an expansion of ICTSI’s business activities in Brazil offering differentiated and strategic solutions to increase operational and energy efficiency through the use of the rail as the preferred transport mode, mitigation of logistical bottlenecks, expanding the hinterland of its port assets and offering safe and innovative alternatives for foreign trade customers,” the company said.

ICTSI said the total consideration for the transaction is less than 10% of its total consolidated shareholders’ equity as of Dec. 31, 2025, and March 31, 2026.

“The transaction is not deemed to have a material impact on the Company’s financials in the immediate future,” the company said.

In June, ICTSI said its Rio Brasil Terminal (RBT) received two new quay cranes, increasing the terminal’s capacity to handle larger vessels and support growing trade volumes.

The modernization program also includes the expansion and integration of storage yards, reorganization of operational areas, and the adoption of advanced technologies and automation.

Upon completion, the expansion and modernization program is expected to increase RBT’s annual capacity to 750,000 twenty-foot equivalent units (TEUs) and strengthen the port’s position as a logistics hub serving Brazil’s southwest and midwest regions.

RBT operates Container Terminal 1 at the Port of Rio de Janeiro, serving import, export, and industrial oil and gas hubs in Brazil.

ICTSI operates port facilities across the Asia-Pacific, the Americas, Europe, the Middle East, and Africa.

For the first quarter, ICTSI’s attributable net income rose 22.56% to $293.57 million, driven by higher container volumes and contributions from new terminals.

ICTSI shares rose P21.50, or 2.26%, to P971.50 apiece on Thursday. — Ashley Erika O. Jose