Milbank LLP is advising Global Container Terminals Inc. (GCT) on the sale of its US terminals, GCT New York on Staten Island, NY, and GCT Bayonne in Bayonne, NJ, to CMA CGM Group, a global player in sea, land, air and logistics solutions. The transaction is subject to customary and required regulatory approvals and consents.
The port of New York and New Jersey is a key entry point serving the Northeastern U.S. supply chain areas and represents CMA CGM’s largest gateway on the U.S. East and Gulf Coasts. With this acquisition, CMA CGM is bolstering its position as a leading global port terminal operator. Currently, the Group has investments in 52 port terminals in 28 countries, through CMA Terminals and its Terminal Link joint venture.
Headquartered in Vancouver, BC, GCT will retain full ownership of GCT Canada and its terminals, GCT Deltaport and GCT Vanterm operating in the Port of Vancouver.
The Milbank team was led by Global Corporate partners John Franchini and Aaron Stine along with associates Ross Shepard, Alex Wang, Rachel Rice, Jinney Chung, and Ashley Kemper. The team also included Transition Services partner Nicholas Smith and associate Christina Sonageri, CFIUS partner John Beahn and special counsel Dana Zelman, Antitrust partners Fiona Schaeffer and Adam Di Vincenzo and special counsel Andrew Wellin, and Tax partner Max Goodman and associate Michael Rivkin.
