CMA CGM Group said it has signed a binding agreement to sell a portfolio of 10 port terminals to Terminal Link for $968 million. The transaction is expected to close in the spring, pending approval by antitrust authorities.
Created in 2001, Terminal Link currently has 13 terminals. It is a joint venture, 51% owned by CMA CGM and 49% by China Merchants Port Holdings Co. Ltd.
The deal will give Terminal Link 23 terminals around the world.
The deal was announced on Nov. 25, but CMA CGM said Dec. 20 it has now signed a binding agreement with China Merchants Port Holdings.
CMA CGM said the deal will allow it to reduce debt associated with its purchase of CEVA Logistics in April and increase liquidity.
Terminal Link, which will now have 23 terminals, will be able to reinforce its growth potential and its geographic footprint.
The 10 terminals being added are:
- Odessa Terminal in Ukraine.
- CMA CGM PSA Lion Terminal (CPLT) in Singapore.
- Mundra Terminal in India.
- Kingston Freeport Terminal in Jamaica.
- Rotterdam World Gateway in the Netherlands.
- Gemalink in Cai Mep, Vietnam.
- Qingdao Qianwan United Advance Container Terminal in China.
- Vietnam International Container Terminal in Ho Chi Minh City, Vietnam.
- Laem Chabang International Terminal in Thailand.
- Umm Qasr Terminal in Iraq.
According to CMA CGM’s website, Terminal Link currently has terminals in Houston and Miami in the U.S.; Montoir, Le Havre, Fos and Dunkirk in France; Thessaloniki in Greece; Antwerp in Belgium; Tangier and Casablanca in Morocco; Marsaxlokk in Malta; Abidjan in Ivory Coast; and Busan in South Korea.