Southern Cross to Increase Its Stake in Ultrapetrol (Latin America)

Source: Ultrapetrol

Latin America-focused private equity firm Southern Cross has entered into a share purchase agreement with Chile-based shipping company SIPSA to purchase SIPSA’s outstanding interest in NASDAQ-listed Ultrapetrol, a marine transportation company operating in Latin American markets, for around US$100 million. The transaction will be structured through Southern Cross Latin America Private Equity Funds III and IV. Post-transaction, Southern Cross’s stake in the company will increase from 67 percent to 85 percent. The transaction, which is expected to close in the next 60 days, is subject to customary closing conditions, including shareholder approval.