The Brazilian competition regulator says it has given China Merchants Port Holdings Co. Ltd unconditional permission to buy port operator TCP Participações SA, which runs the Brazilian port of Paranaguá.

The regulator, in an announcement published in the Brazilian official gazette, says the purchase raises no concern that it will impair competition.

China Merchants announced in September that it intends to buy 90 percent of TCP for about US$887 million. The port of Paranaguá has the most profitable container terminal operation in Brazil.