CMA CGM has completed the acquisition of a 12% stake in compatriot company Brittany Ferries.
The French carrier has converted €25m ($26m) in financial support it provided in 2021 into shares in the largest French-flag ferry company.
The liner company provided support during the Covid-19 pandemic when the shortsea operator struggled to recover from its loss of passenger traffic.
“By becoming a shareholder, CMA CGM Group is renewing its confidence in Brittany Ferries,” the Saade-family-led company stated.
“This investment is in line with the group’s strategy to help maintain the industrial base in strategic transport sectors in France,” it added.
Under the terms of the original agreement, a representative of CMA CGM was to join the ferry firm’s supervisory board.
The agreement also established a commercial partnership that will allow CMA CGM to use available cargo space on board Brittany Ferries’ services to the UK, Ireland and the Iberian Peninsula.
Both groups planned to introduce new ro-ro services.
CMA CGM has made the move after forming a new division to spearhead the company’s growth into ro-ros, ropaxes and car carriers.
The new division will focus on the company’s investment in Brittany Ferries, as well as the planned takeover of French ropax and ro-ro operator La Meridionale.
The new unit will also oversee Neoline Armateur, which is building a wind-powered ro-ro vessel that CMA CGM is helping to finance.
CMA CGM is investing the proceeds of its massive windfall, having reported full-year profit of $24.9bn in 2022.
The company will pursue expansion into the ro-ro and finished vehicle logistics sector via its French logistics subsidiary Gefco.
