CMA CGM & Stonepeak Forge $2.4B Global Port Alliance

NEW YORK & LOS ANGELES – January 28, 2026 – Global shipping and logistics titan CMA CGM Group has entered into a groundbreaking partnership with investment firm Stonepeak, launching a U.S.-based joint venture named UNITED PORTS LLC. The new entity will acquire 10 of CMA CGM’s major international port terminals, backed by a formidable $2.4 billion investment from Stonepeak for a 25% minority stake.

CMA CGM will retain a 75% majority ownership and, crucially, full operational control over the portfolio of strategic maritime gateways. The deal signals a powerful move by the world's third-largest shipping company to fortify its control over critical supply chain infrastructure while unlocking significant capital for future growth.

“The creation of United Ports LLC, our joint venture with Stonepeak, marks an important step in the development of our terminal activities in the United States and globally,” said Rodolphe Saadé, Chairman and CEO of CMA CGM Group, in a statement. “By joining forces with a partner with strong infrastructure expertise, we strengthen our ability to invest further in our port terminals, secure access to key gateways and enhance service quality for our customers.”

A Strategic Push for Vertical Integration

This partnership is a cornerstone of CMA CGM's long-term strategy of vertical integration—a deliberate effort to control more segments of the end-to-end supply chain. By solidifying its hold on key port terminals, the French shipping conglomerate can better insulate its operations from market volatility, reduce reliance on third-party operators, and guarantee berthing space and efficiency for its fleet of over 650 vessels.

In recent years, the company has aggressively reinvested its earnings into expanding its capabilities beyond ocean freight, venturing deeper into land transport, air cargo, and logistics. This transaction allows CMA CGM to monetize a portion of its valuable terminal assets, injecting $2.4 billion in capital that it plans to reinvest directly into the growth of its core businesses. The funds are earmarked to expand supply chain capacity across its sea, land, and air divisions, meeting what the company describes as an “ever-growing demand for state-of-the-art shipping and logistics solutions.”

This move reflects a broader industry trend where major carriers are seeking to build more resilient and integrated logistics networks in the wake of the unprecedented disruptions that roiled global trade in recent years. Owning the infrastructure is increasingly seen as the ultimate competitive advantage.

The Infrastructure Gold Rush: Private Equity Targets Ports

From Stonepeak's perspective, the deal represents a prime opportunity to invest in a sector it views as indispensable. With approximately $80 billion in assets under management, the New York-based firm specializes in infrastructure and real assets, targeting businesses that are both essential and difficult to replicate. Port terminals fit that description perfectly.

“Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets,” noted James Wyper, a Senior Managing Director at Stonepeak. “This joint venture represents a truly differentiated opportunity to invest in a high-quality portfolio of strategically located terminals alongside one of the largest and most respected shipping and logistics groups in the world.”

Stonepeak’s investment philosophy centers on defensive, hard-asset businesses that offer stable, long-term returns. The firm's dedicated “Infrastructure Logistics Platform” has a track record of investing in the backbone of the global supply chain, including companies in temperature-controlled logistics and intermodal transport. This partnership provides Stonepeak with access to a diversified, high-quality portfolio of global assets that are critical to international commerce, managed by an industry-leading operator.

A Global Network of Strategic Gateways

The 10 terminals included in the UNITED PORTS LLC portfolio form a network of strategic gateways spanning six countries and three continents. The selection underscores a focus on high-volume trade hubs and critical transhipment points.

In the United States, the venture includes Fenix Marine Services (FMS) at the Port of Los Angeles, the busiest container port in North America, and the Port Liberty terminals in New York and Bayonne, a key gateway on the East Coast. CMA CGM has already committed to a $600 million upgrade for the Port Liberty facilities to increase capacity by up to 80%.

In South America, the portfolio includes terminals in Santos, Brazil, the largest and most important port in Latin America. The Asian assets are equally significant, featuring the Nhava Sheva Freeport Terminal in India’s largest container port, the CMA CGM Kaohsiung Terminal in Taiwan, and the modern deep-water Gemalink terminal in Cai Mep, Vietnam, a major manufacturing hub.

Rounding out the portfolio is a collection of four terminals in Spain—CSP Valencia, CSP Bilbao, Terminal Maritima del Guadalquivir, and TTI Algeciras—which serve as vital transhipment hubs at the crossroads of major shipping lanes connecting Europe, Africa, and the Americas.

Future Horizons and Regulatory Hurdles

This partnership is designed for long-term growth. The agreement includes a provision for Stonepeak to contribute an additional $3.6 billion in funding for future joint terminal projects. This substantial capital pool could be deployed for capacity expansions, modernization and automation efforts, or the acquisition and development of new terminals, with a stated interest in further U.S.-based projects.

However, the path to finalizing the deal is a long one. The transaction is not expected to close until the second half of 2026, contingent upon a complex series of regulatory approvals in multiple jurisdictions. Given the strategic nature of port infrastructure, the deal will face intense scrutiny from antitrust bodies and foreign direct investment committees across the globe.

In the U.S., the Committee on Foreign Investment in the United States (CFIUS) will almost certainly review the acquisition of stakes in critical national infrastructure like the ports of Los Angeles and New York/New Jersey. Similar reviews will be necessary in Brazil, India, Spain, Taiwan, and Vietnam. The extended timeline reflects the complexity of securing these multi-national approvals for assets that are intrinsically linked to national economic security and global trade flows.