LONDON, Aug 31 – International Container Terminal Services Inc. (ICTSI) has agreed to acquire all shares in TLG Acquisition Holdings, expanding the Philippine port operator’s presence across South Africa, Mozambique and Namibia.
The acquisition agreement, disclosed to the Philippine Stock Exchange on August 28, will give ICTSI control of TLG’s port and cargo-handling businesses once the transaction receives the required regulatory approvals and satisfies other closing conditions. The purchase price was not disclosed.
ICTSI will acquire a 74% interest in TLG from entities managed by African Infrastructure Investment Managers, while the remaining 26% will be purchased from South African investment company Mokobela Shataki. Following completion, ICTSI will own the entire TLG holding company.
The economic interest across TLG’s underlying businesses will be approximately 97.33%, although some management investors will retain minority interests in individual operating companies.
TLG operates businesses handling bulk commodities and agricultural products across key trade corridors in Mozambique, Namibia and South Africa. The acquisition will therefore broaden ICTSI’s African portfolio beyond container terminals and increase its exposure to commodity and agricultural supply chains.
ICTSI already has operations in several African markets, including Nigeria, Cameroon, the Democratic Republic of Congo, Madagascar and South Africa. Its existing portfolio includes Onne Multipurpose Terminal in Nigeria, Kribi Multipurpose Terminal in Cameroon, Matadi Gateway Terminal in the DRC and Madagascar International Container Terminal.
The proposed acquisition also comes after ICTSI strengthened its position in South Africa through a long-term agreement with state-owned Transnet to operate Durban Container Terminal Pier 2.
ICTSI and Transnet entered into a 25-year partnership in December 2025, with operations beginning in January 2026. Transnet retains a 51% stake in the operating company, while ICTSI owns 49% and is responsible for terminal operations and planned improvements.
Durban Container Terminal Pier 2 handles more than 40% of South Africa’s container traffic, making it an important gateway for the country’s international trade and a critical link between exporters and global markets.
The TLG transaction would give ICTSI a different type of exposure within Southern Africa, adding bulk and agricultural cargo-handling operations to its container-terminal activities. This could broaden the group’s participation in regional trade flows spanning commodities, agriculture and manufactured goods.
However, the financial terms of the proposed acquisition remain undisclosed. The public disclosure also does not provide a complete breakdown of the facilities, concessions, cargo volumes, revenue or debt included within TLG. Those details will be important in assessing the scale and financial value of the transaction.
ICTSI is controlled by Filipino businessman Enrique Razon Jr., whose fortune was estimated by Forbes at $21.8 billion in its 2026 Philippines rich list. The TLG acquisition, if completed, would further strengthen the group’s position as an international port operator and deepen its exposure to Africa’s trade infrastructure.
The transaction remains subject to regulatory approval and other completion conditions. Until those requirements are satisfied, ICTSI has agreed to acquire TLG but has not yet taken control of the business.
