French liner giant CMA CGM is having a ports sell-off in order to complete its takeover of CEVA Logistics. The Marseille-headquartered liner revealed yesterday plans to sell stakes in 10 port assets to its Terminal Link joint venture partner, China Merchants Port Holdings, to help raise $2bn to fund its CEVA acquisition.
CMA CGM also plans to raise $860m from the sale and leaseback of some ships, $93m from selling a logistics platform in India and another $100m from a securitisation programme relating to customer receivables at CEVA.
Financing vertical integration via vertical disintegration https://t.co/UiryCW5PG1
— Olaf Merk (@o_merk) November 25, 2019