Calgary-based ATCO Ltd. (ACOx.TO) says it will buy a 40-per-cent stake in South American port operator Neltume Ports for about $450 million.

ATCO, which has interests in logistics, energy, and real estate, says the stake in the port operator and developer will further diversify its business.

The deal adds to ATCO's partnership with Parkland Fuel Corp. subsidiary Ultramar, which owns Neltume Ports.

The two companies partnered in 2016 to form ATCO-Sabinco as a provider of container offices, workforce mining camps and other structures in Chile.

Neltume Ports operates in 16 port facilities and three loading and unloading businesses primarily in Chile and Uruguay. ATCO says the company handles nearly 51 million tonnes of products and employs about 3,900 people.

ATCO chief executive Nancy Southern says the company sees South America as an area poised for significant growth.

Companies in this story: (TSX:PKI, TSX:ACO.X)