French shipping and container giant CMA CGM has signed a Memorandum of Understanding (MOU) to acquire a 30% stake in Groupe Dubreuil Aéro, the parent of Air Caraibes Atlantique, French Bee, and Air Caraibes.
CMA CGM said in a statement it will subscribe to a share capital increase to the tune of EUR50 million euros (USD58.4 million). The transaction has already been approved by both firm's boards but has yet to obtain clearances from competition authorities in France, French Polynesia, and Austria. It also requires final approval from the French Ministry of Economy and Finances.
Currently, Groupe Dubreuil is wholly-owned by the Dubreuil family. CMA CGM is also privately-held.
In addition to its core ocean freight operations, CMA CGM said the investment will allow it to offer its customers access to bellyhold cargo capacity on board Air Caraibes Atlantique's and French Bee's A350 widebodies. Groupe Dubreuil Aéro currently manages its cargo capacity through a subsidiary, Hi Line Cargo.
The firms underlined that they operate in the same French overseas territories and regions, with both CMA CGM and Groupe Dubreuil's carriers active in Guadeloupe, Martinique, French Guiana, Reunion, and French Polynesia.
According to the ch-aviation fleets module, Air Caraibes Atlantique operates three A350-900s and one A350-1000, as well as six older widebodies - three A330-200s and three A330-300s. It connects the French Caribbean with Paris Orly. Its parent, Air Caraibes, operates regionally within the French Caribbean, as well as to other islands in the region, using a fleet of two ATR72-500s and three ATR72-600s. The carriers have a further three A350-1000s on order to replace the A330s.
In turn, French Bee, previously known as French Blue, operates four A350-900s, connecting Orly with St. Denis de la Réunion (directly) and Papeete (via both San Francisco and Vancouver International).
