French shipping group CMA CGM has sealed an agreement with China Merchants Port Holdings to sell a portfolio of stakes in ten port terminals to Terminal Link, their joint venture 51 percent owned by CMA CGM and 49 percent by China Merchants Port.
The $968m deal is part of CMA CGM’s efforts to finance the acquisition of Swiss logistics firm CEVA.
China Merchants Port will also provide a loan of up to $500m to Terminal Link to finance the deal.
The terminals in the deal include Odessa Terminal (Ukraine), CMA CGM PSA Lion Terminal (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 (Vietnam), Laem Chabang International Terminal (Thailand) and Umm Qasr Terminal (Iraq).
China Merchants Port said the transaction is in line with its strategy and marks a significant step of the company towards expanding its international footprint and it expects that its existing network of terminal operations in China and globally will potentially complement and supplement the services offered by CMA CGM and Terminal Link.