CMA CGM cashing out in Los Angeles
Hiving off a major slice of shares: The Marseille-based CMA CGM shipping group has completed the sale of its 90% equity interest in Global Gateway South terminal (GSS) in Los Angeles CA (USA).
EQT Infrastructure III and its partner P5 Infrastructure (P5) acquired the shares for an enterprise value of USD 875 million. CMA CGM, the major user of the facility, remains a minority shareholder with 10% of the GGS terminal.
The French group received a cash consideration of about USD 820 million. The sale is part of CMA CGM's finance plan communicated at the time of NOL’s acquisition in June 2016.
BNP Paribas and HSBC acted as financial advisors and Willkie Farr & Gallagher acted as legal advisor to CMA CGM. The EQT Infrastructure III Fund was closed at the hard cap of EUR 4.0 billion in February 2017, and was raised in less than six months. (kd)