BOGOTA – Colombian holding company Grupo Argos has sold its 50% stake in a port operator to an investment fund administered by Goldman Sachs for about $136-million, Grupo Argos said in a statement on Monday.
Compania de Puertos Asociados, called Compas, moves principally coal and cement through its ports in the Andean country. Argos' stake was sold to West Street Infrastructure Partners III, which is run by Goldman Sachs, for 407-billion pesos.
The sale price is two and a half times what Grupo Argos invested in the business in 2012, Argos said in the statement.
Compas had an income of 165-billion pesos in 2016, and its ports have a total capacity of more than 13-million metric tonnes.