CMA CGM sells 90% stake in LA container terminal for $817m

Port of Los Angeles

CMA CGM has sold a 90% stake in its Los Angeles’ Global Gateway South terminal in a cash sale worth $817m. It has retained 10% following the deal with EQT Infrastructure. The terminal became part of the CMA CGM group with its acquisition of NOL in 2015. It noted at the time it would make divestments of up to $1bn. It said today that the sale would help it reduce debt and refocus its strategy on shipping, according to Reuters.