FEDEX SUPPLY CHAIN acquired by CMA-CGM
Context
CMA CGM Group has agreed to acquire FedEx Supply Chain, a subsidiary of FedEx Corp, in a transaction slated for completion in 2026 pending customary regulatory approvals. The acquisition will integrate FedEx Supply Chain's approximately 10,000 employees and its warehouse footprint into CEVA Logistics, a CMA CGM subsidiary, thereby expanding the combined contract logistics platform in North America. The deal follows a series of strategic discussions between the two groups and includes provisions for multi‑year commercial agreements covering ocean and air freight services. From the buyer's perspective, the purchase is intended to triple the size of CEVA's North American contract logistics operations, enhance service depth for high‑value verticals, and secure a preferred ocean carrier relationship with FedEx. The integration aligns with CMA CGM's long‑term investment strategy in the United States, leveraging FedEx Supply Chain's customer relationships and technology assets to broaden end‑to‑end logistics capabilities. The agreement also establishes a framework for coordinated capacity management across air and sea networks, aiming to improve asset utilization and flexibility for both parties. Operationally, the combined entity will operate roughly 150 warehouses and employ about 20,000 staff across more than 240 locations, creating a scale advantage in inventory management and distribution. Expected outcomes include expanded service offerings, higher operational efficiency, and increased market share in the North American contract logistics sector. The complementary freight agreements are projected to commence in phases through 2028, further integrating the two companies' global transport networks.
FEDEX SUPPLY CHAIN, which reported an EBITDA margin of LOGIN in 2026, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.1x).
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Target
FedEx Supply Chain operates as a contract logistics subsidiary of FedEx Corp, delivering integrated warehousing, transportation, and value‑added services to a diversified client base. The business manages inventory, order fulfillment, reverse logistics, and customized supply‑chain solutions for sectors that include healthcare, automotive, aerospace, and data‑center infrastructure. Its network comprises approximately 80 distribution centers strategically located across the United States, enabling regional consolidation and last‑mile delivery. The unit employs roughly 10,000 personnel who execute order processing, packaging, and cross‑docking activities while leveraging FedEx's broader parcel and freight capabilities for inbound and outbound movements. Revenue is generated through fee‑based contracts that align service levels with client demand, with pricing structures tied to volume, complexity, and performance metrics. Technology platforms support real‑time visibility, demand forecasting, and analytics, allowing customers to optimize stock levels and reduce lead times. The company emphasizes compliance with industry regulations, particularly in temperature‑controlled and hazardous‑material handling, and maintains certifications that facilitate service to regulated industries. Its business model prioritizes long‑term agreements that secure recurring revenue streams and deepen relationships across high‑value verticals.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 1b - 4b USD
Revenue range: 250M - 500M USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: fedex supply chain
Acquirer: cma-cgm