The new joint venture, United Ports LLC, formalizes Stonepeak's acquisition of a 25% stake in CMA CGM's ten maritime terminals for $2.4 billion. The French group retains 75% ownership and operational control, while Stonepeak holds the remaining 25%.
Following regulatory approvals, the new shareholding structure integrates nine terminals, four of which are located in Spain. Notably, Total Terminal International (TTI) Algeciras, situated on the Isla Verde Exterior quay, is included. Currently, South Korea's Hyundai Merchant Marine (HMM) owns 50% plus one share of this terminal, with the remainder belonging to Isla Verde Algeciras Terminal Holding, comprising CMA CGM Terminals Espagne (51%) and DIF Capital Partners (49%), whose stake was later acquired by CVC and sold to the French shipping line.
CMA CGM has announced plans to reinvest the $2.4 billion into business growth and enhancing operational capacity. The collaboration with Stonepeak aims to develop new investments and terminals globally, with the fund providing an additional $3.6 billion for future joint projects.
The objective of this partnership is to accelerate the modernization of the terminals. This includes financing capacity expansions, acquiring new handling equipment, improving logistical connectivity with rail and land transport networks, and deploying infrastructure to support the decarbonization of port operations.
