Following reports that emerged on 1 July, CMA CGM confirmed later that same day that it had reached an agreement to acquire the logistics operations of FedEx Supply Chain. In a statement, the group said the move was intended “to strengthen the Group’s logistics presence in North America” and added that it planned “to enter into multi-year commercial agreements with FedEx relating to air and ocean transport”. The two companies said the acquisition was valued at $1.4 billion, around €1.23 billion, and is expected to close by the end of 2026, tripling the size of Ceva Logistics’ North American contract logistics operations. Ceva Logistics is controlled by the French group.
The transaction will bring around 10,000 FedEx Supply Chain employees into Ceva, creating a US network of 150 logistics platforms and a combined workforce of around 20,000 people. Once the deal is completed, CMA CGM will become a preferred ocean carrier for FedEx, providing ocean transport and freight services under a non-exclusive agreement. The two companies added that they “will also collaborate on specific air freight capacity solutions to strengthen their respective global networks, in order to optimise aircraft utilisation and ensure greater flexibility on long-haul routes”.
Raj Subramaniam, president and chief executive of FedEx, said: “today’s announcement enables FedEx to focus further on providing its unique expertise for high-value-added vertical sectors, including healthcare, automotive, aerospace and data centres. By streamlining our portfolio, FedEx is better positioned to realise its long-term vision and continue to be the beating heart of the industrial economy, delivering unmatched connectivity, reliability and value to our customers around the world”.
The acquisition is expected to close subject to the usual regulatory approvals. The air and ocean transport agreements are expected to come into effect in different phases between today and 2028. Morgan Stanley and Messier & Associés are acting as financial advisers to CMA CGM, while Cleary Gottlieb is acting as legal adviser to CMA CGM. JPMorgan is acting as financial adviser to FedEx, while Baker McKenzie is acting as legal adviser to FedEx.
