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CMA CGM cuts debt with sale of Los Angeles terminal

LAX port Ben FrankMARSEILLE: July 03, 2017. CMA CGM is selling a 90 percent stake in its Global Gateway South (GGS) terminal at the Port of Los Angeles to EQT Infrastructure Partners for an enterprise value of US$875 million.

The initial US$817 million cash deal is expected to close at the end of 2017 subject to anti-trust and regulatory approvals, including clearance from the Committee on Foreign Investment in the United States.

EQT Infrastructure said it has partnered with port operating firm P5 Infrastructure "aimed at transforming GGS into a world class operation". CMA CGM will retain a 10 percent stake in the facility it acquired last year with the purchase of Neptune Orient Lines (NOL), and has signed a long-term contract with EQT.

Lennart Blecher, head of Real Assets and deputy managing partner at EQT said: "The acquisition of GGS fits perfectly with EQT Infrastructure's focused sector approach of targeting high-quality, well-located logistics assets with transformation potential. We are also very happy with CMA CGM's continued support and engagement."

GGS is the third largest terminal at the ports of Los Angeles and Long Beach and is on track to handle one million containers this year under a concession that runs through 2043.

CMA CGM executive officer Farid Salem commented: "Throughout the sales process, EQT Infrastructure and P5 expertise have focused on growth in addition to a responsible, hands-on ownership approach, which we consider highly beneficial to our future partnership."

The container line said the asset sale reflects its strategy to focus on shipping while securing operations through shared ownership of key terminals.

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