The CMA CGM Group has announced the acquisition of a 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles from EQT Infrastructure III, based on an enterprise value of US$ 2.3 billion.
The acquisition will make the Group, which currently holds a 10% stake, the sole owner.
In 2017 it sold its 90% stake to help pay down debts following the NOL takeover.
FMS is the third-largest terminal in the Los Angeles/Long Beach port area in terms of capacity (around 2.5 million TEUs) and one of the largest in North America.
The Group has significant investment plans for FMS’s development, and by early 2022 it expects to see the arrival of the first CMA CGM liquefied natural gas-powered 15 000-TEU ships to be deployed on routes between Asia and the United States.
This investment is consistent with the CMA CGM Group’s strategy of developing its terminal business, says chairman and CEO Rodolphe Saadé.
Currently, the Group has investments in 49 port terminals in 27 countries through its two subsidiaries, CMA Terminals and Terminal Link.
The acquisition is subject to regulatory approval.
