China Merchants Port says French JV to buy 10 terminals

25 November 2019 - 12:00 am UTC

French container shipping company CMA CGM plans to sell 10 terminals to a joint venture with China Merchants Port for USD 955m, the latter said in a stock exchange disclosure.

China Merchants Port holds a 49% stake in the joint venture – Terminal Link – while CMA CGM owns the rest. China Merchants will indirectly fund 49% of the acquisition.

To finance the proposed purchase, China Merchants Port will subscribe to USD 468m of convertible bonds issued by Terminal Link. It will also grant a secured term loan facility of a principal amount of up to USD 500m.

The 10 terminals include facilities in Asia, Europe, Middle East and the Caribbean, each of which has strong growth potential, China Merchants Port said.

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