Container line CMA CGM announced an agreement Thursday with Turkey-based investment firm Yildirim Group that will push $500 million into the debt-ridden French carrier.
Yildirim will take a 20 percent stake in CMA CGM while the Saade family that founded and runs the world’s third-largest container ship operator will retain 80 percent ownership.
The agreement ends a year-long search for new capital at CMA CGM, which was saddled with a huge debt after the historic downturn in trade sent revenue plummeting and the company suffered big losses in oil trading markets.