CMA CGM SA has agreed to buy two major U.S. shipping terminals owned by Global Container Terminals Inc. to bolster the French logistics company’s presence in the country.
The acquisition gives CMA CGM a gateway on the U.S. east coast and strengthens its position as global port terminal operator, the company said December 6, confirming an earlier Bloomberg News report. Financial details for the transaction to buy the terminals in the state of New York and New Jersey weren’t disclosed.
The sale of the two container terminals could fetch around $3 billion for Global Container Terminals’ owners Ontario Teachers’ Pension Plan, IFM Investors and British Columbia Investment Management Corp., Bloomberg News reported in October.
The deal “is a strategic investment,” Chief Executive Officer Rodolphe Saade said in a statement. “It reinforces the services we provide to U.S. customers and their supply chain efficiency.”
CMA CGM has bolstered its U.S. holdings in recent years. In November 2021, it agreed to buy the rest of Fenix Marine Services, which operates a container terminal in the Port of Los Angeles, after previously owning a minority stake. In November 2022, the company said former Ports America executive Peter Levesque would succeed Ed Aldridge as president of CMA CGM America.
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