CMA CGM Completes Sale of Los Angeles Terminal
By Aiswarya Lakshmi
Friday, December 1, 2017
The CMA CGM Group completed today the sale of a 90% equity interest in Global Gateway South terminal (GSS) in Los Angeles (United States) to EQT Infrastructure III (EQT Infrastructure) and its partner P5 Infrastructure (P5), for an Enterprise Value of USD 875 million.
Consequently, CMA CGM received a cash consideration of about USD 820 million that may be completed according to the terms announced last July.
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 NOL’s acquisition in June 2016.
BNP Paribas and HSBC acted as financial advisors and Willkie Farr & Gallagher acted as legal advisor to CMA CGM.