CMA CGM and Stonepeak Launch $2.4B Global Terminal Joint Venture

French shipping group CMA CGM and infrastructure investment firm Stonepeak have launched United Ports LLC, a $2.4 billion joint venture spanning ten major container terminals across six countries, marking one of the largest port infrastructure deals in recent years.

Under the agreement announced Wednesday, Stonepeak will acquire a 25% stake in the terminal portfolio, while CMA CGM retains 75% ownership and full operational control. The move signals a strategic push by the French shipping giant to strengthen its terminal footprint while freeing up capital for broader investments across its shipping and logistics network.

The portfolio includes several high-profile assets, notably Fenix Marine Services at the Port of Los Angeles, Port Liberty terminals in New York and Bayonne, terminals in Santos, Brazil, and facilities in Spain, India, Taiwan, and Vietnam, giving the venture a truly global footprint.

“The creation of United Ports LLC marks an important step in the development of our terminal activities in the United States and globally,” said CMA CGM Chairman and CEO Rodolphe Saadé. “By joining forces with a partner with deep infrastructure expertise, we strengthen our ability to invest further in port terminals, secure access to key gateways, and enhance service quality for our customers.”

Beyond the initial capital injection, Stonepeak has committed up to an additional $3.6 billion to fund future terminal developments, positioning the partnership as a long-term growth platform rather than a one-off transaction.

“Container terminals are among the most critical and difficult-to-replicate assets in global trade,” said James Wyper, Senior Managing Director and Head of U.S. Private Equity and Transportation & Logistics at Stonepeak. “This partnership offers a differentiated opportunity to invest in a high-quality global terminal network alongside one of the world’s leading shipping and logistics groups.”

CMA CGM said proceeds from the transaction will be reinvested into its core shipping, logistics, and air cargo businesses, supporting capacity expansion across sea, land, and air networks.

The deal builds on CMA CGM’s aggressive terminal expansion strategy. In 2023, the company completed its acquisition of the former GCT Bayonne and GCT New York terminals, adding roughly 2 million TEU of annual capacity to its U.S. network. That followed its 2021 buyback of the Fenix Marine Services terminal in Los Angeles, reversing a partial divestment made in 2017.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals, including antitrust and foreign investment reviews.

CMA CGM is the world’s third-largest container carrier, operating a fleet of more than 650 vessels serving over 420 ports worldwide. Through its terminal subsidiaries, CMA Terminals and Terminal Link, the group operates 62 terminals globally, handling more than 45 million TEU annually.

Stonepeak, headquartered in New York, manages approximately $80 billion in assets, with a global investment focus on infrastructure and real assets.

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