Tuesday, October 16, 2012
CMA CGM signs agreement with French private equity firm
CMA CGM entered an agreement with the Fonds Stratégique d'Investissement to support the future development of the container shipping line.
FSI will subscribe to bonds redeemable in shares for an amount of $150 million giving rights to a 6 percent stake in CMA CGM upon conversion, the shipping company said in a statement today. Concurrently, under the terms of the existing agreement, the Yildirim Group will subscribe to bonds for an amount of $100 million, giving rights to a 4 percent stake in CMA CGM.
"This agreement will help to strengthen the group's balance sheet and allow us to accelerate the implementation of CMA CGM's strategy to prepare for an IPO in the coming years, said Rodolphe Saadé, the company's executive officer.
CMA CGM has generated sales of $14.9 billion, and in 2011, carried more than 10 million TEUs. The group operates a fleet of 394 vessels.
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