Container ships sit in berths at the Port of Los Angeles, California October 15, 2014. REUTERS/Lucy Nicholson
The CMA CGM has completed the sale of a 90% equity interest in Global Gateway South terminal (GSS) at the port of Los Angeles, California.
The sale was completed last Friday to EQT Infrastructure III and its partner P5 Infrastructure (P5) for an Enterprise Value of $875 million.
CMA CGM acquired the terminal in 2015 as part of its takeover of Singapore’s Neptune Orient Lines (NOL) in a $2.4 billion deal that marked the Marseille-based group’s biggest-ever acquisition.
CMA CGM announced that it would sell 90% of the terminal in July for a cash consideration of about $820 million.
CMA CGM will retain a minority stake of 10% in the terminal GGS terminal and will continue to be a major user of the facility, the company said in a statement.
“The disposal of GGS enables CMA CGM to strengthen its financial structure in line with the plan communicated at the time of NOL’s acquisition in June 2016,” CMA CGM said in a statement.
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