The Bolloré Group and the CMA CGM Group have announced the completion of the sale of 100% of Bolloré Logistics to CMA CGM on February 29.
The final sale, however, specified that the transfer of Bolloré Logistics Sweden AB to the CMA CGM Group remains subject to the latter obtaining foreign investment clearance in Sweden.
CMA CGM said in a statement that the purchase price is €4.850 billion (US$5.26 billion) on the basis of the estimated debt and cash on the completion date.
Largest acquisition of CMA CGM
"This is CMA CGM's largest acquisition since its creation in 1978 and constitutes a major step in the CMA CGM Group's logistics development strategy, complementing its historical maritime transport line of business," the announcement said.
Bolloré Logistics achieved in 2022 a turnover of €7.1 billion euros, transported 710,000 TEUs of ocean freight and 390,000 tons of air freight, along with a storage capacity of 900,000 m2.
"I would like to thank the Bolloré Group for the trustful dialogue we have established over the last few months to successfully finalize this acquisition. Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience," said Rodolphe Saadé, CEO and chairman of the CMA CGM Group.
"The new entity, made up of CEVA and Bolloré Logistics, is the world's number 5 in its sector. We will now be able to offer our customers a complete range of services and extend our expertise to new businesses," he added, as Saadé welcomed the 14,000 employees who are joining the company from Bolloré.
Cyrille Bolloré, CEO and Chairman of the Bolloré Group said the sale 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. It is also a great opportunity for our customers around the world, and I would like to take this opportunity to thank them for their trust and loyalty," he said.
The closing of the transaction came just days after the European Commission approved CMA CGM's takeover of Bolloré Logistics, subject to several conditions.
