The acquisition has been submitted to competition authorities, however, the European Commission has already authorised the manoeuvre as part of a special procedure.
The final approval is still pending and it is expected to take place in the coming months.
In a statement, the group has said that the acquisition aims at strengthening the end-to-end shipping and logistics solutions that CEVA Logistics – a subsidiary of CMA CGM – provides to its customers.
The move supports the group’s vision to expand its position in key markets, especially in France and the rest of Europe.
“The acquisition of GEFCO represents a further step in our development strategy and strengthens our position as a global player in transport and logistics,” commented Rodolphe Saadé, Chairman and CEO of the CMA CGM Group.
“With GEFCO, our subsidiary CEVA will become the world leader in automotive logistics, having recently enhanced its capabilities in e-commerce logistics with the acquisition of Ingram Micro CLS. We are creating a French leader to serve our customers around the world.”
GEFCO had previously announced that it would buy back its shares held by Russian Railways (RZD) after the company became the target of Western sanctions.
The CMA CGM Group’s intention is for GEFCO to continue operating in a secure regulatory framework, then to boost its development, especially in international markets.
Luc Nadal, CEO of GEFCO, added: “The project led by CMA CGM will allow GEFCO to continue our activity in a stable environment, will support the transformation we have initiated and will strengthen our development in the years to come.
“This link between two French companies will bring many opportunities for GEFCO in terms of innovation and sustainable growth, particularly internationally, for the benefit of our customers.”