Stonepeak Buys 25 Percent Stake in 10 of CMA CGM's Container Terminals
CMA CGM is launching a ports joint venture with one of the world's largest infrastructure investors. With a 25 percent investment from Stonepeak, this new JV - United Ports LLC - will buy 10 of CMA CGM's operated port terminals. In effect, it will give Stonepeak a minority stake in the French company's major seaport operations, particularly in the U.S. and Spain, while allowing CMA CGM to retain majority control.
The covered facilities including the Fenix terminal at Port of Los Angeles and the Port Liberty terminals at the Port of New York and New Jersey. Global sites include facilities in Valencia, Guadalquivir, Algeciras and Bilbao, Spain; Nhava Sheva, India; Kaohsiung, Taiwan; Cai Mep, Vietnam; and Santos, Brazil.
The venture gives CMA CGM an infusion of $2.4 billion to invest in its businesses, including its sea, land and air logistics portfolio. It also includes an option for Stonepeak to invest up to $3.6 billion in future joint terminal projects around the world. New greenfield container terminal projects typically cost in the nine figures, so investment on this scale could propel significant expansion.
"By joining forces with a partner with strong infrastructure expertise, we strengthen our ability to invest further in our port terminals, secure access to key gateways and enhance service quality for our customers," said Rodolphe Saade, Chairman and CEO of CMA CGM Group.
As of 2024, CMA CGM's equity share of global box terminal throughput came to about 1.4 percent, putting it in eighth place worldwide, according to data from Lloyds List Intelligence. PSA International led the list, followed by China Merchants and COSCO Shipping Ports.
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