CMA CGM SA, one of the world’s largest shipping companies, is nearing a deal to buy Fenix Marine Services, which operates a container terminal in the Port of Los Angeles, according to people with knowledge of the matter.

CMA CGM, which already owns a 10% stake in the Fenix terminal, is in advanced discussions with EQT Infrastructure, the people said. The arm of alternative-asset manager EQT AB owns the other 90% of Fenix. The shipper beat out offers from other bidders including infrastructure funds, some of the people said. A deal is yet to be finalized and it’s possible talks could fall apart.

EQT had been working with Rothschild & Co. to solicit interest in its stake in the San Pedro, California-based terminal from potential suitors, Bloomberg News reported in September. Terms of the CMA CGM purchase couldn’t immediately be learned. A deal could value the terminal at $2 billion or more, including debt, Bloomberg reported.

Representatives for EQT and CMA CGM didn’t immediately have comments. A Rothschild spokesman declined to comment.

EQT, which acquired Fenix in 2017, invested more than $130 million on technology, new equipment such as cranes and reconfiguration of the terminal, according to a document sent to prospective suitors reviewed by Bloomberg. The terminal operates on a concession from the Port of Los Angeles expiring in 2043.

Fenix, which spans 292 acres (118 hectares), has a long-term off-take agreement with Ocean Alliance, which includes Cosco Shipping Lines, CMA CGM, Evergreen Line and Orient Overseas Container Line Ltd.

CMA CGM in September said it was freezing spot rates to prioritize long-term client relationships, yielding to pressure from some customers and regulators concerned that global trade disruptions have pushed the cost of shipping too high.

The French company is flush with cash as a shortage of maritime shipping capacity has sent prices soaring for moving freight containers across the ocean. CMA CGM’s sales increased 63% in the first six months of this year to $23.1 billion from $14.2 billion in the same period last year. Operating profit jumped more than sixfold this year through June to $6.3 billion, filings show.