China Merchants Port (HKG:0144) unit Cyber Chic agreed to acquire 70% equity interest in Vast Infraestrutura from Prumo Logística and Açu Petróleo Investimentos on Friday, a same-day filing with the Hong Kong bourse said.

The purchase price for the deal is an amount in Brazilian real equivalent to $448 million, subject to adjustments.

The buyer will also pay $56 million of milestone payments after certain milestones, including the target obtaining certain operational licenses and approvals and achieving various operation targets, are met.

The sellers will also be entitled to an additional earn-out amount of between $70 million and $91 million based on the actual accumulated EBITDA of Vast Infraestrutura for the five years ending Dec. 31, 2029.

Following completion, Cyber Chic and Prumo Logística will hold a 70% and 30% respective stake in the target firm.

Vast Infraestrutura is incorporated in Brazil and operates the onshore crude oil transshipment terminal in the Port of Açu in Rio de Janeiro, Brazil.

The acquisition will allow port operator and logistics firm China Merchants Port to continue its expansion in the Latin America region and further consolidate its position globally.