CMA CGM to buy Los Angeles’ FMS container terminal

CMA CGM NOL

Shipping group CMA CGM has agreed to acquire the Fenix Marine Services (FMS) container terminal at the port of Los Angeles in a deal worth around $2 billion that will extend its presence in a crucial hub for transpacific trade.

CMA CGM currently has a 10% stake in FMS and it is to buy the remaining 90% from investment fund EQT Infrastructure III on the basis of an enterprise value of $2.3 billion, the French-based shipping firm said on Wednesday.

CMA CGM, one of the world’s largest container shipping lines, expects to pay out around $1.8 billion for the 90% stake and will finance the deal from its own funds, it added.

[reuters]

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