CMA CGM to buy Los Angeles’ FMS container terminal

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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]