Bolloré Group and CMA CGM Group on Thursday announced the completion of the sale of 100 % of Bolloré Logistics to CMA CGM.
The purchase price is 4.850 billion euros, on the basis of the estimated debt and cash on the completion date.
As a leading transport and logistics company in France, and one of the main players in the sector worldwide, Bolloré Logistics achieved in 2022 a turnover of 7.1 billion euros, transported 710,000 TEUs of ocean freight and 390,000 tons of air freight, along with a storage capacity of 900,000 m2.
This is CMA CGM’s largest acquisition since its creation in 1978 and constitutes a major step in the CMA CGM Group’s logistics development strategy, complementing its historical maritime transport line of business.
“I would like to thank the Bolloré Group for the trustful dialogue we have established over the last few months to successfully finalize this acquisition. Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience.
“The new entity, made up of CEVA and Bolloré Logistics, is the world’s number five in its sector. We will now be able to offer our customers a complete range of services and extend our expertise to new businesses.
“On behalf of the CMA CGM Group and my family, I would like to welcome the 14,000 employees who are joining us today. Together, we will combine our talents and accelerate our development,” CEO/Chairman of CMA CGM Group, Rodolphe Saadé, said.
Also speaking on the development, the Chairman of Bolloré Group, Cyrille Bolloré, said, “This is the beginning of a new chapter for Bolloré Logistics’ employees. I am very pleased that they are joining the CMA CGM Group and the Saadé family. They will bring unique expertise and know-how, which have long made the pride of the Group and which will be the pride of CMA CGM tomorrow. It is also a great opportunity for our customers around the world and I would like to take this opportunity to thank them for their trust and loyalty”.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.