French liner CMA CGM and New York private equity investor Stonepeak have announced the formation of United Ports LLC, a joint venture designed to expand CMA CGM’s global network of marine terminals.

Stonepeak will invest $2.4 billion in the venture and receive a 25% minority stake, the companies said in a release.

“The creation of United Ports LLC, our joint venture with Stonepeak, marks an important step in the development of our terminal activities in the United States and globally,” said Rodolphe Saade, chairman and chief executive of closely held CMA CGM Group.

The venture begins with 10 key port assets on four continents:

• Fenix Marine Services (FMS) – Los Angeles
• Port Liberty terminals – New York and Bayonne
• Santos terminals – Brazil
• CSP Valencia and CSP Bilbao – Spain
• Terminal Marítima del Guadalquivir – Spain
• TTI Algeciras – Spain
• Nhava Sheva Freeport Terminal – India
• CMA CGM Kaohsiung Terminal – Taiwan
• Gemalink – Cai Mep, Vietnam

CMA CGM will hold 75% of United Ports and retain full operational control.

The diversified services provider, which is controlled by the Saade family, said it plans to reinvest the $2.4 billion in its core transportation businesses, including air cargo, ocean shipping, trucking and logistics.

“Stonepeak is excited to partner with CMA CGM on this transformative platform,” the investor said in the release. “Container terminals are critical, hard-to-replicate infrastructure assets, and we see significant potential to work with CMA CGM to accelerate investment and growth in this sector.”

The deal comes as private equity firms increasingly invest in ports, which serve as key junctions connecting ocean carriers’ global trade routes with land-based distribution networks. That makes terminal ownership and control a strategic part of shipping and logistics groups’ wider supply-chain operations, not just a standalone infrastructure play.

Stonepeak has previously invested in BMO, a trucking lender; acquired Dupre Logistics and Air Transport Services Group; and owns chassis provider TRAC Intermodal. The firm manages roughly $88 billion in assets.

Earlier this year, BlackRock (NYSE: BLK), the world’s largest private equity investor, led a consortium that included Mediterranean Shipping Co. in a planned $23 billion acquisition of 43 terminals in 23 countries from CK Hutchison (0000.HK) of Hong Kong, the world’s largest port assets operator. That deal was blocked by China. BlackRock Chairman Larry Fink has said marine terminals are as critical to the global economy as data centers and power grids.

The partners said the ports venture is the start of a long-term relationship between CMA CGM and Stonepeak, including new terminal projects in the U.S. and around the world.

As part of the transaction, Stonepeak will have the opportunity to contribute an additional $3.6 billion in funding for future joint terminal projects.

The transaction is expected to close in the second half of 2026, subject to regulatory approvals.