French liner CMA CGM has agreed to buy the logistics operations of family-run conglomerate Bolloré Logistics for an enterprise value of EUR5bn ($5.5bn). Bolloré said the deal still needs to get the agreement of employee organisations.
CMA CGM said the deal would make it a top five player in global logistics.
Bolloré Logistics operates in nearly 150 countries, including over 80 partners and 360 sites. It employs around 15,000 people and describes itself as one of the top 10 firms in the transportation and logistics sector.
Bolloré sold its African ports and logistics business last year to CMA CGM’s rival, Mediterranean Shipping Co (MSC). Both companies, flush with record amounts of cash, have been making many multi-billion dollar acquisitions over the past year.
At $25bn, CMA CGM’s profits last year were the highest recorded by any French company in history.
