CMA CGM Group has officially taken the reins at Santos Brasil, the largest container terminal operator in South America, after sealing a majority 51% stake in the company.
On April 24, 2025, CMA CGM Group, a global name in sea, land, air, and logistics services, finalized the acquisition of approximately 47.9% of Santos Brasil Participações S/A. This purchase came directly from funds managed by Opportunity, following green lights from Brazilian regulatory authorities. Each share was valued at BRL 13.60, putting CMA CGM firmly in the driver’s seat.
The move, first teased back in September 2024, now triggers a mandatory tender offer. Through CMA Terminals Atlantic SA, the group will offer to buy all remaining shares of Santos Brasil at the same price, adjusted by the SELIC rate until the offer’s financial settlement. In a bid to streamline operations, CMA CGM also plans to switch Santos Brasil’s registration with the CVM to category “B,” pulling the company out of the Novo Mercado segment at B3.
But it’s not just a done deal yet. The official request to downgrade Santos Brasil’s market category hinges on an independent appraisal report. If the appraised minimum share price lines up — or falls below — the BRL 13.60 threshold (again adjusted by SELIC), the conversion moves ahead. Otherwise, CMA Terminals Atlantic SA holds the option to waive this requirement when filing the tender offer with the CVM. It’s a calculated move, giving the French shipping giant room to maneuver if market conditions shift unexpectedly.
Santos Brasil’s future now stands at an important crossroads. An Extraordinary General Shareholders Meeting is scheduled for April 29, 2025, where shareholders will appoint an independent appraiser to set the final valuation benchmark. The outcome will determine just how quickly CMA CGM can consolidate its Brazilian operations under one banner.
By taking over Santos Brasil, CMA CGM isn’t just buying into South America’s biggest container terminal at the Port of Santos; it’s cementing a stronger foothold in one of the world’s fastest-growing maritime hubs. The Port of Santos is the beating heart of Brazil’s trade flows — a gateway for agricultural commodities, manufactured goods, and energy exports. Securing control here gives CMA CGM an undeniable strategic advantage in a region where infrastructure bottlenecks have often slowed competitors.
While the acquisition follows the classic playbook of expansion through consolidation, it also comes at a time when global supply chains are still rebalancing post-pandemic. Access to a major terminal network in Brazil provides CMA CGM a critical edge in connecting the dots between Asia, Europe, and the Americas with greater efficiency.
At the moment, Santos Brasil continues operating normally, but with the controlling shareholder shift, industry observers expect gradual integration into CMA CGM’s broader terminal portfolio. The changes may not be visible overnight, but the direction is clear: stronger vertical integration, increased operational control, and tighter network synergy across CMA CGM’s global footprint.
