French shipping giant CMA CGM said May 8 it is committed to acquiring the Bolloré Group’s logistics unit, Bolloré Logistics, for €5 billion ($5.5 billion).
In April, CMA CGM gave the Bolloré Group an option to sell its logistics business, which generated over €7 billion in revenue last year, according to Reuters. After that, Bolloré said it would decide whether or not to exercise the sales option once the company finishes consulting with employee representatives.
This would be the largest completed deal since the CMA CGM Group was founded in 1978. The organization said that, if the acquisition is finalized, it would make CMA CGM's logistics unit “a top-five player” in the global market.
CMA CGM already has over 155,000 employees operating in more than 160 countries. The deal would add 14,000 new employees to CMA CGM’s workforce.
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