The Ontario Teachers’ Pension Plan is buying an interest in LLX Logistica, a subsidiary of Brazil’s MMX Mineracao e Metalicos.

It will subscribe for and purchase 15% of the issued and outstanding shares of the logistics firm in preferred stock for a price of US$185 million.

“LLX will continue to aggressively seek investment opportunities in the logistics industry in South America, particularly in Brazil, not only to cater MMX’s logistics requirements but also to service Brazil’s pent-up demand for port and general logistics infrastructure,” says Eike Batista, chairman and CEO of MMX and chairman of LLX.

The closing of the investment is subject to the negotiation of definitive agreements, including of a shareholders agreement of LLX, conclusion of due diligence and corporate approvals.

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