Photo: Filipino billionaire Enrique Razon Jr controls ICTSI, which has agreed to buy TLG Acquisition Holdings. [FORBES]
A port company controlled by the Philippines’ richest billionaire has agreed to acquire a logistics and cargo-handling business with operations in Namibia, South Africa and Mozambique.
Business Insider Africa reported that International Container Terminal Services Inc. (ICTSI), controlled by Filipino billionaire Enrique Razon Jr, has signed an agreement to acquire all the shares in TLG Acquisition Holdings. The purchase price has not been made public, and the deal still requires regulatory approval and the completion of other conditions. This means ICTSI has agreed to the acquisition but does not yet control TLG. TLG operates port and cargo-handling businesses linked to bulk commodities and agricultural products across the three Southern African countries.
According to Business Insider Africa, ICTSI will acquire a 74% stake from entities managed by African Infrastructure Investment Managers, while the remaining 26% will be bought from South African investment company Mokobela Shataki. Once the transaction is completed, ICTSI will own all the shares in the TLG holding company. However, some minority interests in underlying businesses will remain with existing management investors. The acquisition would strengthen ICTSI’s presence in Southern Africa and give the company exposure to cargo beyond traditional container operations. This is particularly relevant to Namibia, where port infrastructure plays an important role in the movement of bulk commodities, agricultural products and other goods through the region. The deal also follows ICTSI’s recently established partnership with South Africa’s state-owned Transnet to operate and upgrade Durban Container Terminal Pier 2.
Business Insider Africa reported that the 25-year partnership was signed in December 2025, with operations starting in January 2026. Transnet retains a 51% interest in the operating company, while ICTSI holds 49% and is responsible for operations and planned improvements. Durban Pier 2 handles more than 40% of South Africa’s container traffic and is an important gateway for the country’s exports and imports. ICTSI already operates several terminals in Africa, including facilities in Nigeria, Cameroon, the Democratic Republic of Congo and Madagascar. The TLG acquisition would therefore deepen an existing African expansion rather than mark ICTSI’s first move into the continent.
The expansion comes as ICTSI reports strong financial results. Business Insider Africa reported that ICTSI recorded port revenue of about USD1.92 billion in the first half of the year, an increase of 27%. Net income increased by 22% to about USD590 million, while recurring net income reached USD604.7 million. The company handled 8.12 million twenty-foot equivalent units during the period. Razon, who controls ICTSI, was estimated by Forbes to have a fortune of USD21.8 billion in its 2026 Philippines rich list.
For Namibia and its neighbours, the proposed acquisition could bring additional international investment and expertise into port and cargo-handling operations. However, the financial value of the TLG deal remains unknown. Business Insider Africa noted that the purchase price, along with details such as TLG’s debt and annual revenue, has not been disclosed. The acquisition will therefore only become final once the required regulatory approvals and other conditions have been met.
By Eileen van der Schyff
Source: Business Insider Africa
