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 had been met, as reported by BusinessWorld.
CRAGEA operates general and bonded warehousing as well as multimodal logistics services, strengthening ICTSI's footprint in the South American market. The acquisition aligns with ICTSI's strategy to diversify its logistics offerings beyond port terminal operations, providing end-to-end supply chain solutions to clients in Brazil.
ICTSI, led by billionaire Enrique Razon Jr., continues to expand its global logistics network through strategic acquisitions. The completion of the CRAGEA deal marks another step in the company's growth in Brazil, following its port terminal investments in the country. No financial details of the transaction were disclosed.