CMA CGM is rolling out a massive ports makeover, teaming up with Stonepeak to launch United Ports LLC, a U.S.-based joint venture that bundles 10 CMA CGM-operated terminals into one heavyweight portfolio valued at roughly $10 billion. Stonepeak will buy a 25% minority stake for $2.4 billion, while CMA CGM keeps the wheel on daily operations and unlocks fresh cash to plow back into shipping, logistics and terminal expansion.
Deal structure and capital
Stonepeak said it will invest $2.4 billion for a 25% stake in the newly formed UNITED PORTS LLC and may provide another $3.6 billion for future joint terminal projects, according to Stonepeak. CMA CGM will hold the remaining 75% and keep day-to-day operational control, and both partners are pitching the structure as a faster way to fund new terminal investments without slowing down current operations.
Terminals in the portfolio
The portfolio pulls together 10 major CMA CGM-operated terminals across six countries, including Fenix Marine Services at the Port of Los Angeles and Port Liberty in New York, along with facilities in Santos (Brazil), Valencia and Bilbao (Spain), Nhava Sheva (India), Kaohsiung (Taiwan) and Gemalink (Vietnam), according to CMA CGM. The company said it is contributing terminals it already controls into the joint venture while retaining operational oversight of the combined portfolio.
Why this matters for U.S. ports
The move lands in the middle of a broader U.S. expansion push. CMA CGM in March 2025 announced a $20 billion plan to boost U.S. maritime and logistics capacity, a pledge that has grabbed political and industry attention, Reuters reported. The Reuters dispatch was later picked up locally by outlets including New Orleans CityBusiness, which highlighted the joint venture’s U.S. terminal stakes such as Port Liberty and Fenix Marine Services.
Regulatory hurdles and timeline
Both companies expect the transaction to close in the second half of 2026, subject to standard antitrust and foreign investment approvals, a point Stonepeak emphasized in its announcement. Those reviews, and any conditions regulators attach, will dictate how quickly the terminals shift into the new vehicle and when the money and operational changes actually start to flow.
What comes next
CMA CGM said it plans to reinvest the $2.4 billion in proceeds into expanding its core shipping and logistics businesses and into building out supply chain capacity through the partnership, according to its press materials. The structure also gives Stonepeak the option to back follow-on projects, which could speed up greenfield builds or upgrades at strategic gateway ports if both sides decide to pull the trigger.
Bottom line
Market reporting puts the joint venture’s value at around $10 billion and casts the creation of UNITED PORTS LLC as a major shakeup in terminal ownership that could shift capacity at key global and U.S. gateways, as first reported by The Wall Street Journal. Regulators, port authorities and shippers will be watching closely to see whether this surge of private capital translates into faster container handling and fewer bottlenecks at some of the busiest terminals in the world.
