CMA CGM has bought 100% of Bolloré Logistics, the transport and logistics division of France-headquartered Bolloré Group.

Negotiations for the €4.8-billion deal (about $8.5 billion) commenced in April last year, with CMA CGM committing to the purchase in May.

CMA CGM said the Bolloré acquisition is the largest ever for the group and “a major step” in its logistics development strategy.

Bolloré Logistics transported 710,000 TEU of sea freight and 390,000 tones of air freight in 2022.

CMA CGM Group CEO Rodolphe Saadé thanked the Bolloré Group for the “trustful dialogue” the companies had established as the acquisition was finalised.

“Within the CMA CGM Group, we are proud to welcome a French flagship built on years of work and experience,” he said.

“The new entity, made up of CEVA and Bolloré Logistics, is the world’s number-five in its sector.

“On behalf of the CMA CGM Group and my family, I would like to welcome the 14,000 employees who are joining us today. Together, we will combine our talents and accelerate our development.”

Bolloré Group CEO Cyrille Bolloré said the acquisition was 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.”

CMA CGM and Bolloré have noted the transfer of Bolloré Logistics Sweden AB to the CMA CGM Group remains subject to the latter obtaining foreign investment clearance in Sweden.

The purchase price is €4.850 billion, on the basis of the estimated debt and cash on the completion date.