United Ports joint venture formed by Stonepeak and CMA CGM

Stonepeak and CMA CGM have completed the United Ports joint venture, with Stonepeak investing $2.4 billion for a 25% stake, according to PE Hub. CMA CGM, the French shipping company, retains 75% ownership and full operational control, while the venture starts with nine CMA CGM-operated port terminals across the US, Brazil, Spain, Taiwan and Vietnam.

The transaction gives Stonepeak exposure to a multi-country port infrastructure platform while leaving day-to-day control with CMA CGM. PE Hub reported that Stonepeak may also commit up to a further $3.6 billion through United Ports to pursue additional investments in high-growth port assets alongside CMA CGM.

What is the United Ports joint venture?

United Ports LLC is a port infrastructure joint venture formed by Stonepeak and CMA CGM. A joint venture allows two parties to hold ownership stakes in a shared company while assigning operating responsibilities, in this case with CMA CGM keeping full operational control despite bringing in Stonepeak as a minority investor.

The initial portfolio brings together nine major terminals already operated by CMA CGM. PE Hub identified the assets as spanning five markets and including Fenix Marine Services in Los Angeles, Port Liberty in New York and Bayonne, Kaohsiung Terminal and Gemalink.

Ports are capital-intensive assets that can require sustained investment in equipment, berth capacity and supporting infrastructure. PE Hub reported that CMA CGM and Stonepeak plan to accelerate development and modernization across the terminals held by the venture.

Which terminals are included in United Ports?

The portfolio covers facilities in the United States, Brazil, Spain, Taiwan and Vietnam, according to PE Hub. The named terminals include Fenix Marine Services in Los Angeles, Port Liberty serving New York and Bayonne, Kaohsiung Terminal in Taiwan and Gemalink in Vietnam.

PE Hub reported that the portfolio is expected to expand in the coming months through the addition of CMA CGM’s stake in Nhava Sheva Freeport Terminal. The report did not state the size of that stake or provide financial terms for its expected addition.

The structure leaves CMA CGM as the controlling owner of United Ports while bringing in Stonepeak capital at the platform level. Stonepeak’s 25% holding reflects the $2.4 billion investment disclosed by PE Hub, while the possible additional $3.6 billion would be directed toward new opportunities pursued through the same partnership.

The completion follows the companies’ previously announced plan to form the venture. PE Hub reported that the joint venture is intended to support development and modernization of the existing terminal portfolio, as well as potential investment in additional port assets.

This story draws on original reporting from PE Hub.