News / US investment fund buys stake in CMA CGM box terminals

CLIA Santos - Centro Logístico Industrial Aduaneiro - Fotos aéreas - 2021

US investment fund Stonepeak has expanded its presence in the transport & logistics sector, yesterday forming a joint-venture with CMA CGM on 10 of its container terminals.

The newly formed United Ports JV will see Stonepeak invest $2.4bn to acquire a 25% equity stake in CMA CGM’s US facilities in Los Angeles, New York and Bayonne; the Santos terminal in Brazil; its part ownership of Spanish terminals in Valencia, Bilbao, Seville, and Algeciras; and its terminals in Nhava Sheva, Kaohsiung, and Cai Mep.

“Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets,” said James Wyper, senior MD, head of US private equity, and head of transportation & logistics at Stonepeak.

“This JV represents a truly differentiated opportunity to invest in a high-quality portfolio of strategically located terminals alongside one of the largest and most respected shipping and logistics groups in the world,” he added.

Stonepeak has been one of the most aggressive investors in the transport and logistics sector is recent times – it became one of the world’s largest container lessors after acquiring Textainer in March 2024, for $7.4bn, followed by the $1.75bn purchase of Chinese lessor SeaCo last May.

As recently as December, it launched the Peregrine Cold Logistics platform in Asia, targeting “cold-storage assets across ASEAN, North Asia and the Gulf”, and is also tipped as a potential buyer of air cargo operator Atlas Air, up for sale for a staggering $12bn.

CMA CGM, which will hold 75% of United Ports and retain full operational control, said it “plans to reinvest the $2.4bn in proceeds from the transaction in the continued growth of group core businesses, while expanding supply chain capacity to meet the ever-growing demand for state-of-the-art shipping and logistics solutions across sea, land, air and logistics”, and added that Stonepeak had earmarked a further $3.6bn to be invested in its facilities.

“Today’s announcement is also the beginning of a long-term relationship between CMA CGM and Stonepeak, including the potential to develop and support future investment capacity and new terminal projects in the US and globally.

“As part of the transaction, Stonepeak will have the opportunity to contribute an additional $3.6bn in funding for future joint terminal projects,” the French carrier said.

CMA CGM chairman Rodolphe Saadé explained: “The creation of United Ports marks an important step in the development of our terminal activities in the US and globally. Through this strategic partnership, we bring together ten CMA CGM-operated terminals across six countries.

“By joining forces with a partner with strong infrastructure expertise, we strengthen our ability to invest further in our port terminals, secure access to key gateways and enhance service quality for our customers,” he said.