Shipping and logistics giant CMA CGM has bought a nearly 100% capital of GEFCO for an undisclosed amount.
GEFCO last week announced that it would a 75% stake from Russian Railways after it was placed under sanctions amid the ongoing war in Ukraine.
The acquisition has been submitted to competition authorities for approval.
However, as part of a special procedure, the European Commission has authorised CMA CGM to acquire the capital of GEFCO immediately, pending the final approval which will occur in the next few months.
Rodolphe Saadé, Chairman and CEO of the CMA CGM Group said: “The acquisition of GEFCO represents a further step in our development strategy and strengthens our position as a global player in transport and logistics.
“With GEFCO, our subsidiary CEVA will become the world leader in automotive logistics, having recently enhanced its capabilities in e-commerce logistics with the acquisition of Ingram Micro CLS. We are creating a French leader to serve our customers around the world.
”The project led by CMA CGM will allow GEFCO to continue our activity in a stable environment, will support the transformation we have initiated and will strengthen our development in the years to come”, added Luc Nadal, CEO of GEFCO.