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100pc acquisition of NOL would double CMA CGM's net debt of US$3.26 billion

THE merging of the containership fleets of Neptune Orient Lines' (NOL) liner arm APL with that of CMA CGM, which plans to acquire NOL, would mark the world's largest consolidation in the container shipping industry in terms of cellular capacity.

100pc acquisition of NOL would double CMA CGM's net debt of US$3.26 billion
27 November 2015 - 23:19

100pc acquisition of NOL would double CMA CGM's net debt of US$3.26 billion

THE merging of the containership fleets of Neptune Orient Lines' (NOL) liner arm APL with that of CMA CGM, which plans to acquire NOL, would mark the world's largest consolidation in the container shipping industry in terms of cellular capacity.

CMA CGM and NOL have signed an exclusivity agreement with a view to brokering a deal by December 7. However, Alphaliner regards reaching agreement on a valuation for the Singapore-based carrier as potentially difficult, reported SeatradeMaritime News.

It also questioned CMA CGM's ability to fund such an acquisition. "NOL has a current market capitalisation of US$2.146 billion as well as net debt of $2.624 billion, for a total enterprise value of $4.770 billion, before any acquisition price premium," Alphaliner noted.

"A full cash acquisition of NOL would more than double CMA CGM's existing net debt position of $3.26 billion."

Combining APL's 540,000 TEU of slot capacity with CMA CGM's own fleet would give the French shipping company a fleet of 2.33 million TEU and 11.5 per cent market share, according to Alphaliner.

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