Business, Sea

CMA CGM to acquire one of the largest port terminals in the United States

[ November 3, 2021   //   ]

The CMA CGM Group has signed an agreement to acquire 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, currently held by EQT Infrastructure III, based on an enterprise value of USD 2.3 billion. Currently holding a 10% stake in the terminal, CMA CGM will become sole owner of the FMS facility post transaction closing.

As part of its plan, the Group will accelerate FMS’ development with significant investment in the coming years: extension of the container yard to increase the terminal’s capacity in a staged approach, expansion of the terminal’s rail capacity in order to create one of the largest rail infrastructures in the United States, construction of a new berth and continuation of the terminal’s digital transformation.

By early 2022, the FMS terminal will welcome the first CMA CGM liquefied natural gas-powered 15,000-TEU ships to be deployed on routes between Asia and the United States.

CMA CGM is looking forward to working as terminal operator with FMS’ experienced teams and to welcoming them into the broader family of CMA CGM terminals.

The closing of this transaction remains subject to the approval of the competent regulatory authorities.

Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, said: “The swift recovery of the global economy has demonstrated the importance of ports and logistics infrastructure. In order to manage efficiently our port operations on the West Coast of the United States, we have decided to acquire Fenix Marine Services. Fenix Marine Services is one of the largest terminals in this country and one of its most strategic gateways. It is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market.” 

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