Investment firm Stonepeak and French shipping operator CMA CGM are creating a U.S.-based terminal platform that industry insiders value at roughly $10 billion, according to people familiar with the matter.
The new company, to operate under the name United Ports, will see Stonepeak make an initial equity contribution of $2.4 billion in exchange for a 25% ownership stake, with CMA CGM holding the remaining 75%. The transaction is expected to be announced later on Wednesday, according to sources close to the deal.
United Ports will bring together ten port terminals in its initial portfolio. The assets include the Port Liberty terminal on Staten Island in New York City and the Fenix Marine Services terminal in Los Angeles. The grouping also comprises locations in Brazil, Spain and multiple sites across Asia.
The partners describe this arrangement as the opening phase of a broader strategic collaboration. The immediate aim is to accelerate capital deployment into new terminal projects, with an emphasis on development opportunities in the United States. To support that pipeline, Stonepeak has committed to a potential additional equity contribution of up to $3.6 billion for future projects tied to the venture.
Company representatives and other sources indicate the joint venture will focus on growing terminal capacity and advancing new developments globally, while the initial portfolio consolidates existing terminals under a single, U.S.-based vehicle.
Observers note that part of the stated rationale for faster terminal investment is to diversify global shipping and port assets - a policy objective that has been framed in public debate as connected to reducing reliance on particular foreign players in the industry. The partners have positioned United Ports as a platform for both operating current terminals and pursuing greenfield or brownfield projects.
Details on governance, operational management and the timeline for specific new terminal projects were not disclosed by the sources. The announcement later in the day is expected to provide the formal structure and next steps for the venture.
Summary: Stonepeak will take a 25% stake in a new U.S.-based port company named United Ports for $2.4 billion, valuing the venture at about $10 billion. CMA CGM will retain 75% ownership. The initial portfolio covers 10 terminals including major U.S. sites and locations in Brazil, Spain and Asia. Stonepeak may contribute up to $3.6 billion more to fund future terminal development.