Stonepeak is acquiring a 25% stake in a global portfolio of 10 ports, with the option to invest up to $6bn over time.
The real assets fund manager has committed an initial $2.4bn (€2.8bn) to own 25% in United Ports, a newly launched joint venture with CMA CGM, which operates the 10 port terminals.
CMA CGM will retain a 75% majority stake and full operational control of United Ports. It also intends to reinvest the $2.4bn to fund the growth of its core business units.
As part of the partnership, Stonepeak has the opportunity to contribute an additional $3.6bn in funding for future joint terminal projects.
United Ports’ assets include: The Los Angeles Fenix Marine Services and Port Liberty terminals in New York and Bayonne, respectively, in the US; Santos terminals in Brazil; CSP Valencia and CSP Bilbao, the Terminal Maritima del Guadalquivir and the TTI Algeciras port terminal in Spain; Nhava Sheva Freeport Terminal in India; CMA CGM Kaohsiung Terminal in Taiwan; and Gemalink in Cai Mep in Vietnam.
Rodolphe Saadé, chairman and CEO of CMA CGM, said: “The creation of United Ports, our joint venture with Stonepeak, marks an important step in the development of our terminal activities in the US and globally. Through this strategic partnership, we bring together ten CMA CGM-operated terminals across six countries, including major facilities such as FMS in Los Angeles, Port Liberty in New York, Santos in Brazil and Nhava Sheva in India.
“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.”
James Wyper, senior MD, head of US private equity, and head of transportation and logistics at Stonepeak, said: “Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets.
“This joint venture represents a truly differentiated opportunity to invest in a high-quality portfolio of strategically located terminals alongside one of the largest and most respected shipping and logistics groups in the world.”
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