November 25, 2019 / 8:42 AM / 21 days ago

Shipping firm CMA CGM plans $2 bln in asset sales to finance CEVA acquisition

PARIS, Nov 25 (Reuters) - Shipping group CMA CGM plans to raise $2 billion to support its previously announced takeover of CEVA Logistics, half of which will be generated from a sale of port assets to a joint venture with China Merchants Port , it said on Monday.

CMA CGM, which acquired Swiss-based CEVA this year to expand into the land logistics area, said it would raise $968 million by selling stakes in port terminals to the Terminal Link venture, in which it holds a 51% stake and China Merchants 49%.

French-based CMA CGM also plans to raise $860 million from the sale and leaseback of vessels. (Reporting by Gus Trompiz; Editing by Sudip Kar-Gupta and Jan Harvey)

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