France-based CMA CGM has signed a binding agreement with Denmark's Maersk Line to acquire the Brazilian company Mercosul Line for an undisclosed sum.

Mercosul Line is currently operating in Brazil’s domestic container shipping market with a fleet of four ships, employing 92 land-based staff and 160 seafarers.

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The proposed deal is subject to Brazilian regulatory approval and the closing of Maersk’s Hamburg Süd acquisition.

The integration of Mercosul within CMA CGM is expected to begin by the last quarter of this year upon receipt of approval, and Mercosul will continue to operate as usual until the acquisition is complete.

CMA CGM CEO Rodolphe Saadé said: “The acquisition of Mercosul represents a milestone in CMA CGM’s development strategy in South America.

"It is a well-managed company and we will leverage this platform to expand our footprint and service offerings to and from Latin America."

“It is a well-managed company and we will leverage this platform to expand our footprint and service offerings to and from Latin America, seizing opportunities linked to the high growth prospects in this region.

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“As a result, CMA CGM will be able to propose complete door-to-door services continue providing best-in-class services to its customers.”

The deal is expected to help CMA CGM strengthen its presence in cabotage and ‘door-to-door’ services markets.

It will also enable the company fulfil its core strategy, which has been designed to develop intra-regional sea transportation links and complementary services, including logistics.

CMA CGM previously entered into a joint venture (JV) agreement with Adani Ports and Special Economic Zone (APSEZ) in April to operate a new container terminal (CT4) at Mundra Portin Gujarat, India.

The JV will operate the port for next 15 years under the new arrangement, with an option to extend the contract twice for additional ten-year periods.