CMA CGM buys a private railway operator. The acquisition of Continental Rail is estimated at $ 29.5 million

French transport company CMA CGM has agreed to buy Spanish private railway operator Continental Rail for $ 29.5 million. The parties will close the deal in the fall of 2021.

Continental Rail was established in Madrid in 2000. It specializes in multimodal container transport between Spanish ports.

"The acquisition of the Continental Rail operator will strengthen the group's transport and logistics business," it said.

In April, CMA CGM Group acquired a 50% stake minus one share in the Spanish container terminal Total Terminal International Algeciras, which is located in the port of Algeciras and has a capacity of 1.7 million TEU per year.

Remind you that CMA CGM received $ 1.7 billion in profit for the last year.

At the end of 2020, one of the largest transport companies in the world, CMA CGM, received $ 1.75 billion in net profit compared to a loss of $ 229 million a year earlier. This is evidenced by the company's annual report.

In the logistics segment (CEVA Logistics), revenues increased by 3.1% to 7.4 billion dollars. Adjusted EBITDA increased by 11.9% to $ 609 million, while in the fourth quarter the growth rate exceeded 35%. As a result, CEVA Logistics reduced its net loss for the year by more than 1.5 times to $ 105 million. Only in the third quarter of 2020, CMA CGM received a net profit of $ 567 million.