Opportunity Asset to Sell Santos Brasil Stake for $1.1 Billion

Opportunity Asset Management Ltda has agreed to sell its 48% stake in logistics operator Santos Brasil Participacoes SAto CMA CGM for more than 6.3 billion reais ($1.1 billion), according to a Sunday securities filing.

The sale price amounts to 15.30 reais per share in Santos Brasil, one of Brazil’s major port operators, the filing from Santos said, adding that the price could change based on criteria included in the contract. The 15.30 reais price represents a 20% premium on Santos Brasil’s 12.71 reais close Friday.

Opportunity announced the agreement in a press release, saying that since it first ...