Chinese state-owned conglomerate China Merchants Group’s port operation unit agreed to acquire interests in 10 terminals from French container shipping giant CMA CGM for $468 million, reported Caixin.
The deal followed an overseas port investment earlier this month by another Chinese state-owned shipping company, Cosco, showing China’s ambition to reach out to global ports as part of the Belt and Road Initiative.
China Merchants Port Holdings already owns a 49% stake in a joint venture with the French shipper. As part of the deal, China Merchants Port will buy as much as $468 million of convertible bonds issued by the joint venture, Terminal Link, and will loan as much as $500 million to CMA CGM, according a Monday statement.