Stonepeak and CMA CGM Form $10bn Global Terminal Venture

US infrastructure investment firm Stonepeak has entered into a major joint venture agreement with French shipping giant CMA CGM in a terminal deal valued at nearly $10 billion.

The partnership, named United Ports, will encompass 10 CMA CGM-operated terminals worldwide. Stonepeak is contributing $2.4 billion for a 25% minority stake in the venture.

The terminals included in the agreement are Fenix Marine Services in Los Angeles; Port Liberty terminals in New York and Bayonne; Santos terminals in Brazil; Spain’s CSP Valencia and CSP Bilbao; TTI Algeciras and Terminal Maritima del Guadalquivir; Nhava Sheva Freeport Terminal in India; CMA CGM’s terminal in Kaohsiung, Taiwan; and Gemalink in Cai Mep, Vietnam.

“Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets,” said James Wyper, senior managing director at Stonepeak.

The announcement also signals the start of a longer-term strategic relationship between Stonepeak and CMA CGM, with the potential for further collaboration on future terminal developments in the United States and internationally.

As part of the transaction, Stonepeak will have the option to provide up to an additional $3.6 billion in funding for future joint terminal projects. The deal is expected to be finalized in the second half of 2026.