Calgary-based natural gas, electrical and real estate giant ATCO Ltd. is getting into the transportation business after buying a stake in a South American port operator.
ATCO has purchased 40 per cent of shares in Neltume Ports, which operates 16 port facilities and three stevedoring businesses, primarily located in Chile and Uruguay.
The Canadian company spent C$450 ($340) million in the deal and Nancy Southern, chair and CEO with ATCO, said the investment will allow Neltume to finance growth opportunities and has strengthened ATCO’s partnership with Neltume’s parent company, Ultramar.
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