International Container Terminal Services Inc. said Thursday it acquired a Mexico-based container terminal operator for $55.4 million to expand its presence overseas.
ICTSI, the Philippines’ largest port operator controlled by businessman Enrique Razon, said it purchased 100 percent of Terminal Maritima de Tuxpan SA de CV from Mexico’s logistics and transportation company Grupo TMM SAB and its subsidiary Inmobiliaria TMM SA de CV.
TMT has a concession to construct and operate a maritime container terminal in the Port of Tuxpan, Mexico and is the owner of the real estate where the maritime container terminal will be constructed.