CMA CGM Sells 90 Pct Stake in Global Gateway South Terminal

French shipping major CMA CGM completed the sale of a 90 percent equity interest in Global Gateway South terminal (GGS) in Los Angeles on December 1.

The stake was purchased by EQT Infrastructure III and its partner P5 Infrastructure (P5), for an enterprise value of USD 875 million. CMA CGM received a cash consideration of about USD 820 million.

The French carrier will remain a minority shareholder with 10 percent of the GGS terminal, which it acquired last year as part of Neptune Orient Lines (NOL), and will continue to be a major user of the facility, the company informed.

CMA CGM signed a binding agreement for the transaction on July 1, 2017.

The disposal of GGS enables CMA CGM to strengthen its financial structure in line with the plan communicated at the time of NOL’s acquisition in June 2016 and its strategy to focus on the shipping business while securing its operations through shared ownership of key terminals.

BNP Paribas and HSBC acted as financial advisors and Willkie Farr & Gallagher acted as legal advisor to CMA CGM.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >