CMA CGM: Terminal Deal with China Merchants Complete
CMA CGM said on Friday it had finalized an agreement with China Merchants Port Holdings Co. to sell stakes in 10 port terminals to the companies' joint venture.
France-based CMA CGM, the world's fourth-largest container shipping company, confirmed the previously announced transaction price of $968 million for the sale of the assets to Terminal Link, in which it owns 51% and China Merchants 49%.
The deal is part of CMA CGM's efforts to finance the acquisition this year of Swiss logistics firm CEVA.
CMA CGM said the following terminals would be covered by the transaction:
- Odessa Terminal (Ukraine)
- CMA CGM PSA Lion Terminal (CPLT) (Singapore)
- Mundra Terminal (India)
- Kingston Freeport Terminal (Jamaica)
- Rotterdam World Gateway (Netherlands)
- Gemalink (Cai Mep, Vietnam)
- Qingdao Qianwan United Advance Container Terminal (China)
- Vietnam International Container Terminal (Ho Chi Minh City, Vietnam)
- Laem Chabang International Terminal (Thailand)
- Umm Qasr Terminal (Iraq)
Reporting by Gus Trompiz