CMA CGM, Stonepeak complete $2.4B port infrastructure deal

CMA CGM Group and infrastructure investment firm Stonepeak have completed a $2.4-billion deal to form a new port infrastructure joint venture following regulatory approval.

Stonepeak has acquired a 25 per cent stake in UNITED PORTS LLC, while CMA CGM retains a 75 per cent ownership stake and full operational control.

The joint venture brings together nine CMA CGM-operated port terminals in the United States, Brazil, Spain, Taiwan and Vietnam, including Fenix Marine Services in Los Angeles, Port Liberty in New York and Bayonne, Santos, CSP Valencia and Bilbao, TTI Algeciras, Kaohsiung Terminal and Gemalink.

The portfolio is expected to expand with the addition of CMA CGM’s stake in Nhava Sheva Freeport Terminal, subject to regulatory approvals.

CMA CGM and Stonepeak plan to invest in expanding port capacity, acquiring cargo-handling equipment and improving connections with rail and inland transportation networks. The companies also plan to support the decarbonization of port operations through initiatives such as equipment electrification and shore power facilities.

Stonepeak may invest up to an additional $3.6 billion to pursue new port infrastructure opportunities with CMA CGM through UNITED PORTS LLC.