French shipping company CMA CGM has completed the largest acquisition in its history with the €4.85bn ($5.24bn) purchase of Bolloré Logistics from The Bolloré Group.
The purchase includes the entirety of the transport and logistics company, though the transfer of Bolloré Logistics Sweden is currently subject to foreign investment approval in Sweden.
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CMA CGM Chairman and CEO Rodolphe Saadé said: “Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience.
“The new entity, made up of CEVA and Bolloré Logistics, is the world’s number five in its sector. We will now be able to offer our customers a complete range of services and extend our expertise to new businesses.”
The previously family-run Bolloré Logistics, which saw a turnover of €7.1bn ($7.6bn) in 2022, was founded in 1986 and has since grown to have an ocean freight capacity of 710,000 TEUs, a storage capacity of 900,000m2 across 358 sites, and an air freight capacity of 390,000 tons.
CMA CGM’s acquisition of the company was first proposed in May 2023 after special negotiations between the Bolloré Group and CMA CGM in the month before.
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By GlobalDataCyrille Bolloré, Chairman and CEO of the Bolloré Group, said: “This is the beginning of a new chapter for Bolloré Logistics’ employees. I am very pleased that they are joining the CMA CGM Group and the Saadé family. They will bring unique expertise and know-how, which have long made the pride of the Group and which will be the pride of CMA CGM tomorrow.”
The expansion for CMA CGM comes the same week that the French company confirmed its continued engagement in the Ocean Alliance group with COSCO Shipping, Evergreen, and OOCL until at least 2032 after all four companies signed a renewed agreement.
