ICTSI to acquire African port operator TLG amid profit growth

International Container Terminal Services Inc. (ICTSI), controlled by Filipino billionaire Enrique Razon Jr, has signed an agreement to acquire 100% of the shares in TLG Acquisition Holdings. This acquisition aims to expand ICTSI’s presence in Africa, specifically targeting trade corridors in South Africa, Mozambique, and Namibia. ICTSI will purchase a 74% stake from entities managed by African Infrastructure Investment Managers, with the remaining 26% coming from South African investment company Mokobela Shataki. Upon completion, ICTSI will hold an effective economic interest of approximately 97.33% across the group.

The move follows a period of strong financial performance for ICTSI. In the first half of 2026, the company reported a 22% increase in net profit, reaching $589.98 million. Port operation revenues rose by 27% to $1.92 billion, driven by high terminal utilization and increased volumes. EBITDA for the same period grew by 24% to $1.23 billion. The TLG acquisition is viewed as a strategic step to bolster ICTSI’s existing African network, which already includes operations in Nigeria, Cameroon, the Democratic Republic of Congo, Madagascar, and South Africa.