France’s CMA CGM has agreed to acquire two container terminals at the ports of New York and New Jersey from Global Container Terminals (GCT). Estimates are that the transaction value could be up to $3bn. This deal comes after CMA CGM said it expected an accelerate in pullback across shipping markets in Q4 due to high energy prices and reduced consumer spending, thereby hurting its profitability. The container shipping company said that the deal would consolidate its presence in the US and extend its presence in port infrastructure and non-maritime transport services. This is CMA CGM’s third big ticket acquisition since 2021 following its $3bn Ingram Micro deal and a container terminal at the port of Los Angeles for ~$2bn.
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