Maritime shipping and logistics powerhouse CMA CGM Group has launched a joint venture with the investment firm Stonepeak that will accelerate the development and modernization of certain ocean container cargo terminals. First announced in January, the deal creates an entity called United Ports LLC that is backed by a $2.4 billion investment from New York-based Stonepeak representing a 25% stake. CMA CGM retains the remaining 75% ownership stake as well as full operational control of the joint venture. Stonepeak may also invest up to an additional $3.6 billion to pursue new investment opportunities. United Ports will begin its work with nine CMA CGM-operated port terminals in the United States, Brazil, Spain, Taiwan and Vietnam, including Fenix Marine Services in Los Angeles, Port Liberty in New York and Bayonne, Santos, CSP Valencia and Bilbao, TTI Algeciras, Kaohsiung Terminal, and Gemalink.