French container shipping firm CMA CGM said on Monday it had agreed to sell a 90 percent stake in a Los Angeles terminal to infrastructure funds for $817 million in cash.
CMA CGM will retain a 10 percent interest in the Global Gateway South terminal after the deal with funds EQT Infrastructure and its partner P5 Infrastructure, the company said in a statement.
The terminal came under CMA CGM’s ownership through its 2015 takeover of Singapore’s Neptune Orient Lines (NOL), a $2.4 billion deal that marked the Marseille-based group’s biggest-ever acquisition.
CMA CGM said the sale would help it pay down debts following the NOL takeover and that it was part of its strategy of focusing on shipping. At the time of the NOL takeover, CMA CGM said it aimed to make divestments of $1 billion after reviewing assets....MORE
Monday, July 3, 2017
Shipping: "CMA CGM Sells 90 Percent Stake in Port of Los Angeles Container Terminal"