CMA CGM and Chine Merchant Ports (CMPort) have completed the first part of the agreement to transfer terminals to Terminal Link, their joint subsidiary.
According to a statement from the carrier, the transaction for eight terminals is worth approximately $815 million.
It will help it deliver on its $2.1 billion liquidity plan, which it unveiled in November 2019.
The deal, which covers ten terminals in all, was struck in December 2019, a story Port Technology International (PTI) reported on. It was then fully approved by the European Commission in March 2020.
The first phase of the deal will see eight terminals from Ukraine, China, Vietnam, Singapore, Jamaica, The Netherlands, Thailand and Iraq transferred to Terminal Link, the final two will be completed by second half of 2020.
CMPorts said the transaction will see its terminal portfolio expand its to 25 regions. The announcement preceded the news that the terminal operator’s net profit had increased by 15.4% in 2019, despite uncertainty brought on by the US-China trade war.