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cma cgm container shipping

CMA CGM Sells 90 Percent of L.A. Terminal For $817 Million

July 3, 2017 12:05 am Published by

CMA CGM has agreed to sell a 90 percent stake in the Global Gateway South terminal to EQT Infrastructure and its partner P5 Infrastructure for $817 million in cash. CMA CGM will retain a 10 percent interest in the Los Angeles terminal.
 
The terminal came under CMA CGM's ownership in 2015 when it acquired Neptune Orient Lines (NOL). CMA CGM announced that the sale was part of its strategy of focusing on shipping, and would help the company pay down debts following the NOL takeover.
 
The acquisition of NOL, which operated under the commercial name APL, provided CMA CGM with market leadership in trans-Pacific routes, with a strong presence on the U.S. west coast. CMA CGM has posted a profit since the end of last year, supported by a recovery in NOL's operating results.

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