CMA CGM has closed on the sale of a 49 percent stake in Terminal Link, its global container terminal unit, to China Merchants Holdings.
The deal, announced in January, will net the French carrier 400 million euros ($532 million), which will go to its cash reserves rather than help pay down its $4.2 billion net debt.
Terminal Link, which has 15 terminals in Europe, Africa, the U.S. and China, is the world’s 12th-largest terminal operator, handling 8.1 million 20-foot-equivalent units in 2011.
CMA CGM has closed on the sale of a 49 percent stake in Terminal Link, its global container terminal unit, to China Merchants Holdings.
The deal, announced in January, will net the French carrier 400 million euros ($532 million), which will go to its cash reserves rather than help pay down its $4.2 billion net debt.
Terminal Link, which has 15 terminals in Europe, Africa, the U.S. and China, is the world’s 12th-largest terminal operator, handling 8.1 million 20-foot-equivalent units in 2011.
“The smooth completion of this transaction reflects the recognition and consent to the transaction from the governments from whose regulatory units consents and approvals were obtained,” Hu Jianhua, China Merchant managing director, said at the signing in Luxembourg.
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