FedEx Completes $1.4 Billion Sale of Supply Chain Business

FedEx has completed a $1.4 billion logistics deal.

CMA CGM has completed its acquisition of FedEx Supply Chain, the contract logistics business of FedEx. The operation will now become part of CEVA Logistics.

The acquisition adds nearly 10,000 employees and about 34 million square feet of warehouse space. The combined operation includes approximately 150 warehouses, while CEVA's overall North American network now exceeds 240 locations.

FedEx and CMA CGM also entered multi-year commercial agreements covering ocean and air freight. CMA CGM will become a preferred ocean carrier for FedEx under a non-exclusive agreement, while the companies also plan to cooperate on air cargo capacity on selected routes.