July 6, 2017 Comments Off on CMA CGM Sells Majority Stake in Port Terminal for $817M Views: 944 California News, Top California

CMA CGM Sells Majority Stake in Port Terminal for $817M

Swedish based EQT Infrastructure III acquired a 90% interest in the Port of Los Angeles’ Global Gateway South terminal with an enterprise value of $875 million. Current owner, CMA CGM, will retain a 10% ownership stake in the terminal, and has entered into a long-term contract as the largest customer of the facility.

EQT Infrastructure plans to partner with port operating firm P5 Infrastructure to transform GGS into a world class operation. That includes significant capital investments in cranes, other handling equipment and technology to increase capacity and efficiency.

Global Gateway South is the third largest terminal in the Ports of Los Angeles and Long Beach in terms of capacity, and operates under a long-term concession that runs through 2043. The terminal provides intermodal container handling services to shipping lines including stevedoring, intermodal/truck services, storage and maintenance, and is on track to handle more than one million containers in 2017.

Read more at EQT Infrastructure III fund

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