International Container Terminal Services Inc. (ICTSI) announced Friday it will acquire 100 percent ownership of TLG Acquisition Holdings (RF) Proprietary Limited (TLG), a leading integrated port and cargo-handling services provider operating across Mozambique, Namibia, and South Africa.
The Philippine port operator has signed a sale and purchase agreement with sellers African Infrastructure Investment Managers (AIIM)—holding a combined 74 percent stake—and Mokobela Shataki Proprietary Limited, owner of the remaining 26 percent. The transaction is subject to standard closing conditions, including required regulatory approvals.
TLG manages port facilities handling a broad mix of bulk commodities and agricultural products, giving ICTSI direct operational footprint in three major African markets and strengthening its global port network. The deal underscores ICTSI’s aggressive expansion strategy, backed by strong first-half financial results.
For the January–June period, ICTSI posted a 22 percent rise in net income to $589.98 million, up from $483.84 million a year earlier. Excluding a one-time charge from the sale of Yantai International Container Terminal in China, net income would have risen 25 percent to $604.69 million. Port operations revenue grew 27 percent to $1.92 billion, while EBITDA climbed 24 percent to $1.23 billion.
