CMA CGM to buy FedEx third-party logistics arm in $1.4 billion deal
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CMA CGM to buy FedEx third-party logistics arm in $1.4 billion deal PARIS, July 1 (Reuters) - CMA CGM has agreed to acquire FedEx's FDX.N third-party logistics business for an enterprise value of $1.4 billion, the French shipping group said on Wednesday, as it expands its presence in the logistics sector and in the United States.
The companies also plan to develop partnerships under which CMA CGM will be the preferred ocean carrier for FedEx and the two companies will collaborate on air cargo, CMA CGM said in a statement.
(Reporting by Gus Trompiz;
Editing by Emelia Sithole-Matarise)