CMA CGM nears deal for New York, New Jersey container terminals

CMA CGM SA, one of the world’s largest shipping companies, is in advanced talks to acquire Global Container Terminals’ operations in Staten Island, New York, and Bayonne, New Jersey, according to people with knowledge of the matter. 

Global Container Terminals’ owners Ontario Teachers’ Pension Plan, IFM Investors and British Columbia Investment Management Corp. have been exploring a sale of the two container terminals, which could fetch around $3 billion, Bloomberg News reported in October. 

A transaction between CMA CGM and Global Container Terminals may be announced as soon as this week, said one of the people, all of whom requested anonymity discussing private information. Terms of the deal couldn’t immediately be learned.  

Representatives for CMA CGM, BCI, Global Container and Ontario Teachers declined to comment. An IFM representative didn’t immediately respond to a request for comment. 

CMA CGM has bolstered its US holdings in recent years. Last November, it agreed to buy the rest of Fenix Marine Services, which operates a container terminal in the Port of Los Angeles, after previously owning a minority stake. Last month, the company said former Ports America executive Peter Levesque would succeed Ed Aldridge as president of CMA CGM America.