CMA CGM completes $1.4B purchase of FedEx Supply Chain

FreightWaves··USFRCA·Read original
3▲0 ▼0Impact / 5
Summary · why it matters

CMA CGM Group said Thursday it has completed its $1.4 billion acquisition of FedEx Supply Chain, the contract logistics arm of FedEx Corp. The deal significantly expands Ceva Logistics's contract logistics operations in North America, tripling its warehouse footprint there by adding about 34 million square feet of warehouse space and 130 customers. The combined business operates about 150 warehouses, expanding Ceva's presence in North America to more than 240 locations and doubling its workforce to 20,000 people. As promised when the deal was announced on July 1, CMA CGM will become a preferred ocean carrier for FedEx over several years, and the two companies plan to collaborate on air cargo capacity on key strategic routes including Asia-Europe. FedEx Supply Chain is a small part of FedEx, making up less than 2% of its consolidated annual revenue, and FedEx will now concentrate on its freight transportation and parcel delivery services.

Impact on assets 1

Industrials▲ · 1 stocks
FedEx Corporation
FDX
± MixedCapitalrelevance

FedEx completes the $1.4B sale of its FedEx Supply Chain unit, a divestiture of a small (<2% of revenue) business as it refocuses on freight and parcel.

Off-coverage companies 3

CMA CGMPrivate▲ Positive
Capitalrelevance

CMA CGM completes its $1.4B acquisition of FedEx Supply Chain and secures preferred ocean-carrier status plus air-cargo collaboration with FedEx.

CEVA LogisticsPrivate▲ Positive
Capitalrelevance

Ceva Logistics, CMA CGM's arm, triples its North American warehouse footprint and adds 130 customers via the completed FedEx Supply Chain acquisition.

FedEx Supply ChainPrivate± Mixed
Capitalrelevance

FedEx Supply Chain is acquired by CMA CGM, changing ownership of the contract logistics unit with its 34M sq ft of warehouses and 130 customers.

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