CMA CGM sells 90% of terminal in Los Angeles

CMA CGM has agreed to sell a 90% stake in Global Gateway South (GGS) terminal in Los Angeles (USA) for a cash consideration of US$817m.

The shipping line will remain a minority shareholder holding 10% of the GGS terminal, which it acquired last year as part of Neptune Orient Lines (NOL).

CMA CGM and its subsidiaries entered into a long-term industrial partnership and utilisation agreement with EQT Infrastructure III and P5 Infrastructure, allowing the Group to remain a major user of the terminal with preferential conditions.