French shipping line CMA CGM has completed the sale of Global Gateway South, the third largest terminal at the Port of Los Angeles for $875 million.
The company sold 90 percent of its equity in the terminal to Swedish investment fund EQT Infrastructure III fund on Dec. 1. It received a cash consideration for $820 million as part of the deal and will retain a 10 percent minority share in the terminal, the company said.
CMA CGM said that the sale would help pay down its debt following its 2015 acquisition of Singapore shipping company Neptune Orient Lines for $2.4 billion. It got the L.A. terminal through that deal.
Paris-based BNP Paribas and London-based HSBC acted as financial advisors while New York-based Willkie Farr & Gallagher acted as legal advisor to CMA CGM.
Previous coverage: CMA CGM to Sell 90 Percent Stake in Port of L.A. Terminal
Manufacturing and trade reporter Shwanika Narayan can be reached at email@example.com or 323-556-8351. Follow her on Twitter @shwanika.
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