Bunge and Zen-Noh Group have agreed to purchase a 50% stake in a grain terminal at the Port of Santos from Brazilian rail operator Rumo for $115 million. The acquisition aims to enhance logistical flexibility in a key export corridor in Brazil. The XXXIX terminal has a grain storage capacity of 135,000 tons.

U.S. products trader Bunge and a subsidiary of Japan's Zen-Noh Group are set to buy a 50% stake in the XXXIX terminal at Latin America's largest port, Santos, from Brazilian rail operator Rumo. The transaction, valued at 600 million reais ($115.3 million), was detailed in a securities filing.

With this acquisition, Bunge and Zen-Noh aim to secure greater logistical flexibility in an essential export corridor for Brazil. The companies stated, "With this deal, the companies expect to obtain larger logistical flexibility in a key export corridor in Brazil."

The purchase will be executed through a joint venture involving Bunge and Zen-Noh Grain Corp., the U.S. subsidiary of the Zen-Noh Group, with each holding an equal stake. The remaining 50% of the terminal will continue to be held by Brazilian food and fuel processor Caramuru Alimentos, one of the country's largest grain crushers.

The XXXIX terminal, known for shipping out coffee and other products, has a grain storage capacity of 135,000 tons. The closing of the deal is subject to regulatory approvals.

Rumo noted that the sale aligns with its strategy to bolster its cash position and focus on enhancing railway capacity and competitiveness. Additionally, Rumo and supply chain solutions provider DP World announced a separate agreement in March to build a new port terminal for grains and fertilizers at the Port of Santos, further boosting the port's handling capacity.