CMA CGM completes Los Angeles FMS terminal acquisition
The French shipping group CMA CGM has officially become the sole owner of Fenix Marine Services (FMS) terminal in Los Angeles, after the completion of the acquisition of 90% of the FMS facility.
The agreement was initially announced on 3 November 2021, when CMA CGM confirmed it will pay US$2.3 billion to EQT Infrastructure III, the former owner of the majority stake of the FMS terminal.
With the 10% stake already owned by the Marseille-based company, CMA CGM is now the sole owner of the FMS facility.
CMA CGM said it will accelerate the terminal’s development with the following investment in the coming years:
- extension of the container yard to increase the terminal’s capacity in a staged approach
- expansion of the terminal’s rail capacity in order to create one of the largest rail infrastructures in the United States
- construction of a new berth
- continuation of the terminal’s digital transformation
“Fenix Marine Services is one of the largest terminals in this country and one of its most strategic gateways. It is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market,” noted Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.