French shipping firm CMA CGM is buying EQT’s stake in a US marine terminal in a $2.3bn deal (€2bn).
CMA CGM said it has agreed to buy the 90% stake in the Fenix Marine Services terminal in Los Angeles, currently held by EQT Infrastructure III. CMA CGM already holds a 10% stake in the terminal and will become the sole owner once the deal is completed.
EQT Infrastructure acquired Fenix Marine Services in December 2017.
Fenix Marine Services is one of the largest terminals in the Port of Los Angeles and provides container handling services to shipping lines.
Rodolphe Saadé, chairman and CEO of 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.”
Alex Darden, partner and head of EQT Infrastructure’s US advisory team, said: “Fenix Marine Services plays an integral role in the complex North American supply chain.
“We have been proud to support its mission of operational excellence and capacity growth to best meet consumer needs both before and during a pandemic that has highlighted the importance of Port of Los Angeles as a critical trade gateway.”
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