CMA CGM Group has announced the acquisition of Continental Rail, a private rail operator in Spain, for €25 million (US$29.5 million).
The share purchase agreement was signed on 30 June and the transaction is expected to be closed early in the third quarter of the year.
Continental Rail was established in May 2000 in Madrid and is one of Spain's main private rail operators, while it is specialised in intermodal containers traffic between main ports across the country.
CMA CGM believes that this move will strengthen the company's transport and logistics business and it said it will be able to offer its customers "a range of comprehensive, agile and customised solutions".
Christine Cabau-Woehrel, Executive Vice President Industrial Assets and Operations of the CMA CGM Group, commented, "This expansion is a new milestone in the Group’s strategic development, with the aim of providing its customers with better ways through a complementary range of services covering both shipping and logistics."
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