By P.R. Venkat and Costas Paris
CMA CGM, the world’s third-largest shipping line, recently concluded the acquisition of NOL, paying $2.4 billion in cash for the container firm. Including NOL’s debt, the deal is valued at about $5 billion. As of June 30, CMA CGM’s adjusted net debt stands at $8.2 billion.
The buyout kicked a rare round of consolidation in the highly fragmented shipping industry, which is struggling to emerge from one of the longest ever down-cycles.