CMA-CGM, the world's third-largest container shipper, said it has agreed to sell a 49 percent stake in its Terminal Link division for 400 million euros ($535 million) to China Merchants Holdings (International).

CMA-CGM said this was the first step in a wider cooperation with the Chinese company in the global container shipping business.

The French company said in December that it expected to conclude a deal with a Chinese investor in the first quarter of 2013. Terminal Link operates a network of 15 port terminals. ($1 = 0.7477 euros)