AD Ports Group (ADX: ADPORTS) has announced the acquisition of Corredor Logística e Infraestrutura (CLI), Brazil’s leading independent agri-bulk port terminal operator, in a strategic transaction that marks the Group’s entry into the South American market and further advances its international growth strategy.
Based in São Paulo, CLI operates two of Brazil’s most important agri-bulk export terminals under long-term concessions. These include CLI Sul, located at the Port of Santos, which is Brazil’s leading sugar export terminal and a key export hub for corn and soybeans, and CLI Norte, situated at the Port of Itaqui, a major grains gateway within Brazil’s “Arc of the North.” This strategically important region, encompassing the Amazon basin, has emerged as a critical logistics corridor supporting the country’s expanding agricultural exports.
The importance of the northern corridor continues to grow, with ports and terminals in northern Brazil recording the fastest growth rates in the country in 2025. This trend reinforces the increasing significance of the Arc of the North in reshaping Brazil’s logistics landscape and strengthening the country’s position as a leading global agricultural exporter.
Together, CLI’s terminals play a vital role in connecting Brazil’s agricultural production regions to international markets. Brazil is the world’s largest sugar exporter and one of the leading exporters of grains, making these assets strategically important within global food supply chains.
Under the terms of the agreement, AD Ports Group will acquire CLI from its current shareholders, Macquarie Asset Management and IG4 Capital. CLI owns 100% of CLI Norte, which operates the terminal at the Port of Itaqui, and an 80% stake in CLI Sul, which operates the terminal at the Port of Santos.
The transaction has been agreed at an enterprise value of AED 3.1 billion (USD 835 million) and is expected to be completed during the second half of 2026, subject to customary closing conditions, including regulatory and antitrust approvals.
To ensure continuity and support the company’s future growth plans, CLI’s existing senior management team will remain in place following the completion of the acquisition.
The acquisition represents a transformative milestone for AD Ports Group, positioning the company among South America’s leading independent agri-bulk terminal operators while creating strategic opportunities across its maritime, shipping, logistics, economic cities, and digital services businesses.
Commenting on the transaction, Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, described the acquisition as a “game changer” for the Group. He noted that the transaction extends AD Ports Group’s international footprint into Latin America for the first time while deepening its presence in the agrifood sector, one of the Group’s core strategic growth verticals. He further emphasized the Group’s commitment to enabling trade across one of the world’s most significant and fastest-growing agricultural commodities markets, strengthening both its global client offering and its international trade network.
The acquisition also supports AD Ports Group’s broader geographic expansion strategy and its vision of developing a major East-West trade corridor connecting South America’s largest economy with the Indian Subcontinent, East Africa, and Southeast Asia.
The transaction comes as the United Arab Emirates advances negotiations with Mercosur, the South American trade bloc that includes Brazil, toward the establishment of a Comprehensive Economic Partnership Agreement (CEPA), which could further strengthen trade and investment ties between the two regions.
Fernando Lohmann, Head of Macquarie Asset Management in Brazil, highlighted the resilience of Brazil’s agricultural export sector and its importance within global commodity markets. He stated that Macquarie believes AD Ports Group is well-positioned to support CLI’s next phase of growth while continuing to strengthen the infrastructure that underpins Brazil’s role in international trade.
Paulo Todescan L. Mattos, Co-Founder, Managing Partner, and CEO of IG4 Capital, noted that since becoming shareholders in CLI, the focus had been on strengthening operational capabilities, expanding the company’s strategic footprint, and positioning the platform to benefit from long-term growth in Brazil’s agri-bulk export sector. He added that AD Ports Group’s expertise in global trade and infrastructure, combined with its long-term strategic vision, makes it the ideal owner to support CLI’s continued development.
Beyond providing AD Ports Group with an entry point into Latin America, the acquisition establishes a platform for further regional expansion. The agrifood sector remains a priority within the Group’s intelligent internationalisation strategy, with a series of significant investments and partnerships completed in recent years.
In Pakistan, Karachi Gateway Multipurpose Terminal Ltd. (KGTML), a subsidiary of AD Ports Group, entered into a long-term agreement with the local unit of global merchant and agricultural goods processor Louis Dreyfus Company to develop a clean bulk handling and storage facility for agricultural commodities at Karachi Port. In Kazakhstan, the Group committed approximately USD 30 million to the development of the greenfield Sarzha Grain Terminal at Kuryk Port on the Caspian Sea. In Jordan, AD Ports Group secured a 30-year concession to operate the Aqaba Multipurpose Port, a major regional agri-bulk hub handling more than three million tonnes of grain annually.
Additionally, Noatum Ports, part of AD Ports Group, maintains a strong presence in the agri-bulk sector through its operations in Spain. The Tarragona and Sagunto terminals handle approximately two million tonnes of grain imports each year, supported by a recently announced AED 90 million (EUR 21 million) investment programme aimed at modernising facilities at the Tarragona terminal.
CLI delivered strong operational and financial performance in 2025, handling a combined 17 million tonnes of agri-bulk cargo. During the year, the company generated revenues of AED 654 million (USD 178 million) and EBITDA of AED 360 million (USD 98 million).
The company operates one of Brazil’s few large-scale agri-bulk port platforms, strategically positioned along key export corridors. The Ports of Santos and Itaqui are characterized by structural capacity constraints, particularly in Santos, where limited opportunities for expansion and persistent congestion are expected to support long-term asset utilization and pricing resilience.
Long-term demand fundamentals for CLI’s assets remain highly attractive. Brazil accounts for approximately 40–50% of global sugar exports and is among the world’s leading exporters of soybeans, corn, and coffee. This strong export profile continues to drive demand for efficient logistics infrastructure capable of connecting production regions with international markets.
The acquisition of CLI becomes AD Ports Group’s largest transaction to date, surpassing its AED 2.65 billion (USD 720 million) acquisition of Spain-based Noatum in 2023 and its AED 1.9 billion (USD 510 million) acquisition of a 51% stake in Dubai-based Global Feeder Shipping (GFS) in early 2024.
AD Ports Group was advised on the transaction by BTG Pactual, while Macquarie Asset Management and IG4 Capital were advised by Citi.
