French shipper near a deal to buy Phoenix

PARIS. CMA CGM SA, one of the world’s largest shipping companies, agreed to buy Phoenix Marine Services, which operates a container terminal in the Port of Los Angeles, in a deal with an enterprise value of $2.3 billion.

CMA CGM reached the agreement with EQT Infrastructure, according to a statement yesterday. The shipper, which already owned a 10 per cent stake in the Phoenix terminal, beat out offers from other bidders including infrastructure funds, according to people with knowledge of the matter, Bloomberg News reported Tuesday.

EQT Infrastructure, an arm of alternative-asset manager EQT AB, had been working with Rothschild & Co. to solicit interest in its stake in the San Pedro, Californiabased terminal from potential suitors.