US infrastructure investor Stonepeak has struck a joint venture terminal deal with French liner CMA CGM worth close to $10bn.

Called United Ports, the joint venture will cover 10 of CMA CGM’s terminals worldwide. The JV is backed by a $2.4bn investment from Stonepeak for a 25% minority stake.

The terminals involved are Los Angeles Fenix Marine Services, Port Liberty terminals in New York and Bayonne, Santos terminals in Brazil, Spain’s CSP Valencia, CSP Bilbao, TTI Algeciras and Terminal Maritima del Guadalquivirn, Nhava Sheva Freeport Terminal in India, CMA CGM Kaohsiung Terminal in Taiwan, and Gemalink in Cai Mep, Vietnam.

“Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets,” said James Wyper, senior managing director at Stonepeak.

Yesterday’s announcement is also the beginning of a long-term relationship between CMA CGM and Stonepeak, including the potential to develop and support future investment capacity and new terminal projects in the US and globally. As part of the transaction, Stonepeak will have the opportunity to contribute an additional $3.6bn in funding for future joint terminal projects. The transaction is expected to close in the second half of 2026.