Port operator International Container Terminal Services Inc. (ICTSI) now owns 100 percent of iTracker, a logistics company serving the Port of Rio de Janeiro in Brazil.
ICTSI, led by Enrique Razon Jr., said in a disclosure to the Philippine Stock Exchange (PSE) on Friday, Sept. 25, that it had signed a share purchase agreement to acquire the remaining 30 percent equity interest in iTracker Logistica Inteligente. The deal raises ICTSI’s ownership from 70 percent to 100 percent.
What Is iTracker?
In simple terms, iTracker handles logistics services for cargo moving through and beyond the Port of Rio de Janeiro.
ICTSI said iTracker provides:
- An empty container depot, where shipping lines store unused containers
- An export container freight station (CFS) for export cargo
- General warehousing
- A distribution center
- Road and railway transportation
The company also operates logistics facilities and multimodal terminals serving the Rio-São Paulo industrial corridor.
How Much Did ICTSI Pay?
ICTSI did not disclose the price.
The disclosure said only that the total consideration was “negotiated and paid in cash” and was less than 10 percent of ICTSI’s total consolidated shareholders’ equity as of Dec. 31, 2025, and June 30, 2026.
The disclosure also did not name the seller. Inquirer reported that ICTSI set up iTracker with Brazil-based Tracker Logistica Inteligente as its partner and described the deal as a buyout of the minority shareholder.
For scale, PortCalls Asia reported that an ICTSI subsidiary acquired the first 70 percent in July 2023, through the offsetting of advances, for US$2.7 million.
Will It Move ICTSI’s Earnings?
No, according to the company.
ICTSI said iTracker contributes less than 1 percent to the company’s consolidated financial performance and that the acquisition will have no material impact on its future financial results.
The deal was not entirely unexpected. In July, ICTSI confirmed its intention to acquire the remaining 30 percent after the PSE asked the company to clarify a report about the planned transaction.
Why Brazil Matters to ICTSI
Owning iTracker outright adds to a growing Brazilian network built around ICTSI’s Rio terminal.
According to PortCalls Asia and Inquirer, the company also operates:
- Rio Brasil Terminal, which runs Container Terminal 1 at the Port of Rio de Janeiro
- Tecon Suape, the container terminal in Pernambuco
- CLIA Pouso Alegre, an off-dock customs bonded facility in Minas Gerais
- Cragea, a warehousing and logistics firm it recently acquired, which Inquirer describes as São Paulo-based
ICTSI operates 33 terminals in 19 countries, Daily Tribune reported.
Inquirer reported that the company’s first-half 2026 profit rose 22 percent to $641.39 million. Manila Standard said ICTSI is pursuing a $740-million capital expenditure program for 2026, which includes expansion at its terminals in Brazil.
