CMA CGM to Acquire Fenix Marine Services, One of the Largest U.S. Port Terminals, for $2.3 Billion

November 5, 2021

Willkie represented CMA CGM Group in the transaction.

On November 3, the CMA CGM Group, a world leader in shipping and logistics, announced it signed an agreement to acquire 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, based on an enterprise value of $2.3 billion, from EQT Infrastructure III, a global investment firm. Currently holding a 10% stake in the terminal, CMA CGM will become sole owner of the FMS facility post transaction closing.

Fenix Marine Services in the Port of Los Angeles is one of the largest marine terminals in North America, spanning nearly 300 acres and 4,000 feet of the wharf. It is the third-largest terminal in the Los Angeles/Long Beach port area in terms of capacity.

The acquisition is expected to bolster CMA CGM’s position as a global port terminal operator, and support its growth in the U.S.

The CMA CGM Group is one of the largest carriers of containers on Transpacific routes, operating 24 services. It also offers specialized services (value-added services, EXX express service, APL services deploying U.S.-flag ships as part of the U.S. government’s Maritime Security Program, etc.) in the Los Angeles/Long Beach region. Currently, the group has investments in 49 port terminals in 27 countries, through its two subsidiaries CMA Terminals and Terminal Link (joint venture).

The Willkie team was led by senior counsel Daniel Hurstel, partners Annette Peron, Russell Leaf and Laura Delanoy and included associate Donald Casey.