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EQT Partners sells LA terminal Fenix Marine Services

EQT Partners AB said Wednesday it agreed to sell its 90% stake in the Fenix Marine Services terminal in Los Angeles to French container transport and shipping company CMA CGM S.A. in a deal that values the infrastructure asset at $2.3 billion. CMA ranks as the third largest global shipping line. It currently owns 10% of Fenix Marine Services. As one of the largest terminals in the Port of Los Angeles, Fenix Marine Services handles about 2.3 million TEUs (unit of cargo capacity) annually and employs more than 145 people. EQT Infrastructure acquired Fenix Marine Services for $875 million in December, 2017. CMA CGM Group chairman and CEO Rodolphe Saadé said Fenix Marine Services "is a key industrial facility which will significantly strengthen our position and support our rapid growth in this market."

-Steve Gelsi

 

(END) Dow Jones Newswires

11-03-21 0900ET

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