French shipping giant CMA CGM completed the sale of a 90% equity interest in Global Gateway South terminal (GSS) in Los Angeles, United States, to EQT Infrastructure III and its partner P5 Infrastructure, for an Enterprise Value of USD 875 million.
Under the terms announced last July, CMA CGM received a cash consideration of about USD 820 million.
CMA CGM will remain a minority shareholder with 10% of the GGS terminal and will continue to be a major user of the facility.
The disposal of GGS enables CMA CGM to strengthen its financial structure, in line with the plan communicated at the time of Singaporean Neptune Orient Lines’ (NOL) acquisition in June 2016.
BNP Paribas and HSBC acted as financial advisors and Willkie Farr & Gallagher acted as legal advisor to CMA CGM.
