CMA CGM has acquired 100 percent of the shares in automotive logistics business GEFCO, which was until recently 75 percent-owned by Russian Railways RZD and 25 percent by car company Stellantis.

The France-headquartered shipping company said that the deal would ensure the continuity and long-term stability of GEFCO and strengthen the range of services that its CEVA Logistics subsidiary is able to provide to customers.

The deal has been submitted to competition authorities for approval, but as part of a special procedure, the European Commission has authorised CMA CGM to acquire the capital of GEFCO immediately, pending the final approval that will take place in the coming months.

Rodolphe Saadé, chairman and chief executive of the CMA CGM Group, said: “The acquisition of GEFCO represents a further step in our development strategy and strengthens our position as a global player in transport and logistics.”

CMA CGM made inroads into the airfreight market last year when it launched CMA CGM Air Cargo and purchased four Airbus A330-200F freighter aircraft, which will be operated by a European airline.