The Marseilles-based liner carrier CMA CGM said Monday it has closed a $150 million investment from the French sovereign fund Fonds Stratégique d’Investissement (FSI).
The investment comes in the form of mandatory convertible bonds and gives FSI an approximate 6 percent stake in the world’s third largest container shipping line.
FSI’s intent to invest in CMA CGM was first announced in February, when the carrier unveiled a financial restructuring
designed to inject roughly $625 million into CMA CGM’s coffers through investment and debt refinancing.
FSI will be represented on CMA CGM's board of directors by Denis Ranque, currently chairman of EADS, the European aerospace corporation. Thomas Devedjian, director and member of FSI’s executive committee, will also join CMA CGM’s board as an observer.
“This investment illustrates bpifrance’s (Banque Public d’Investissement, parent of FSI) strategy to support leading corporates and reflects CMA CGM strategic position for the French economy as well as its development potential,” CMA CGM said in a statement. - Eric Johnson