French carrier CMA CGM is strengthening its foothold in Spain with stakes in two COSCO-operated terminals.
The Marseille-based shipping giant has sealed a deal to acquire 49% of Cosco Shipping Ports (CSP) Valencia and 38% of CSP Bilbao from TPIH Iberia for an undisclosed sum.
CSP Bilbao links Spain with the main ports of northern Europe and has a capacity of 950,000 teu, while CSP Valencia handles around 3.5m teu and is one of Spain’s largest container terminals and the main gateway to Madrid.
The move is expected to see the Rodolphe Saadé-led liner with stakes in more than 50 port terminals and projects, offer end-to-end shipping and logistics inland solutions in the country, given the existing assets in Algeciras and Seville.
