International investment company Stonepeak have announced a deal with the French shipping company CMA CGM to create a United States-based port joint venture valued at around $10 billion.
The Wall Street Journal reported that the partnership between New York-headquartered Stonepeak and the Marseille-based shipping giant plans to accelerate investments in new terminals involving 10 ports including the Port Liberty terminal in New York City, the Los Angeles Fenix Marine Services terminal, as well as sites in Brazil, in Spain and Asia.
Stonepeak said it will make a $2.4 billion investment for a 25% stake in the joint venture with CMA CGM holding the remaining 75% stake. The partnership between the companies also plans for new terminal projects globally. Last year, CMA CGM committed to a $20 billion investment in the United States aligning with government priorities to revive America’s shipping industry.