SAO PAULO, March 25 (Reuters) - Brazilian conglomerate

Ultrapar has increased its stake in logistics firm

Hidrovias do Brasil, it said late on Sunday, as part

of a strategy to expand its footprint in businesses exposed to

Brazil's agricultural sector.

Ultrapar agreed to buy a 16.88% stake in Hidrovias from

Patria Investments ( PAX ) and Temasek-controlled investment

fund Sommerville, it said in a securities filing, raising its

stake to 21.87%.

The deal was priced at 3.98 reais per share, an 11.8%

premium over its Friday closing, valuing the transaction at

510.9 million reais ($102 million).

"Ultrapar plans to be a strategic and long-term reference

shareholder of Hidrovias, supporting its growth, governance and

management model," the conglomerate said.

"Hidrovias operates in a high-growth sector, considering the

deficit of logistics infrastructure and the growing expansion of

agribusiness, with complementary and synergistic operations to

Ultrapar's portfolio."

($1 = 5.0021 reais)