CMA CGM and Stonepeak have agreed to create UNITED PORTS LLC, a terminals joint venture that consolidates 10 CMA CGM-operated terminals across six countries. Stonepeak is putting in $2.4 billion for a 25% minority stake, with CMA CGM retaining 75% and full operational control, and the deal is targeted to close in the second half of 2026 subject to regulatory approvals.
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United Ports joint venture in one read
CMA CGM and Stonepeak announced an agreement to launch UNITED PORTS LLC, a joint venture to acquire 10 CMA CGM-operated terminal assets across six countries. Stonepeak will invest $2.4bn for a 25% minority stake, while CMA CGM will hold 75% and retain full operational control.
Assets 10 terminal assets across the United States, Brazil, Spain, India, Taiwan, and Vietnam.
Capital $2.4bn invested at launch, with potential for up to $3.6bn of additional funding for future joint projects.
Bottom Line Impact
The deal institutionalizes a 10-terminal portfolio inside a dedicated vehicle with committed capital, while leaving operations under the liner group’s control, which matters for long-run gateway investment cadence and vertical integration.
CMA CGM and Stonepeak launch United Ports terminals joint venture
10 terminals folded in, Stonepeak invests $2.4bn for a 25% minority stake
Structure designed to keep operations centralized while funding expands.
10 CMA CGM-operated terminals across six countries.
U.S., Brazil, Spain, India, Taiwan, Vietnam.
$2.4bn invested at launch; closing expected in 2H 2026 subject to approvals.
Vertical integration deepens and access to key gateways becomes more “owned” than leased.
Named anchor sites
JV includes major U.S. and international gateways.
The bundle spans both origin and destination chokepoints.
Fenix Marine Services Los Angeles; Port Liberty NY and Bayonne; Santos; multiple Spain terminals; Nhava Sheva; Kaohsiung; Cai Mep.
Regulatory path includes antitrust and foreign investment clearances.
Gate capacity and terminal productivity decisions can influence schedule reliability beyond vessel supply.
Investment runway
JV framework is intended to accelerate terminal capex and new terminal opportunities.
Portfolio spans Atlantic, Med, U.S. coasts, and Asia export gateways.
A diversified footprint rather than a single-region bet.
Additional future funding capacity of up to $3.6bn is contemplated for new projects.
Higher capex cadence can shift berth capability, yard density, and landside flow over time.
Proceeds use
CMA CGM has said it intends to reinvest proceeds into core growth while expanding supply chain capacity.
Terminals remain operated under CMA CGM control, not handed to a third-party operator.
Proceeds are immediate, while terminal returns and improvements are multi-year.
Reinforces the “liner plus logistics plus terminals” model that is shaping competitive behavior.
Competitive signal
A large, identified terminal bundle is now housed in a dedicated JV vehicle with institutional capital.
Mix includes U.S. container terminals and multiple European/Asian nodes.
2H 2026 close timing sets the window for when ownership formally shifts.
Creates a clearer reference point for port asset valuation and for future terminal partnerships.
Ownership and control
CMA CGM 75% and Stonepeak 25%, with CMA CGM retaining full operational control.
75% CMA CGM25% Stonepeak
Capital committed
$2.4bn at launch, plus an option for up to $3.6bn of additional funding for future joint projects.
$2.4bn investedUp to $3.6bn future
Close timing
Expected closing in the second half of 2026, subject to customary approvals including antitrust and foreign investment review.
Target 2H 2026Regulatory approvals
Footprint by country in the JV announcement
Counts reflect the 10 listed terminal assets in the joint announcement.
Spain
4 assets
United States
2 assets
Brazil
1 asset
India
1 asset
Taiwan
1 asset
Vietnam
1 asset
Named terminals included in the announcement
Fenix Marine Services in Los Angeles
Port Liberty terminals in New York and Bayonne
Santos terminals in Brazil
CSP Valencia in Spain
CSP Bilbao in Spain
Terminal Maritima del Guadalquivir in Spain
TTI Algeciras in Spain
Nhava Sheva Freeport Terminal in India
CMA CGM Kaohsiung Terminal in Taiwan
Gemalink in Cai Mep in Vietnam
Bottom Line Impact
This structure adds long-duration capital to a defined set of container gateways while keeping day-to-day control with the liner group, reinforcing the direction of travel toward integrated carrier-led terminal platforms.
