CMA CGM’s subsidiary CEVA Corporate Services has signed a deal to acquire Turkish conglomerate Borusan’s BRYAT.IS logistics arm, Borusan Tedarik Zinciri Cozumleri ve Teknoloji, for $440 million.
Borusan Tedarik operates the largest port in Turkey’s manufacturing hub of Gemlik, with an annual capacity to handle 1,500 ships and around 400,000 twenty-foot containers (TEU), a standard measure for shipping containers.
CEVA said its planned acquisition of Borusan Tedarik, would nearly double its warehousing and distribution footprint in Turkey, adding around 570,000 square metres to its existing 620,000 square metres of space.
The deal would also boost its domestic ground transport operations, with the combined activities expected to handle nearly 1 million domestic shipments annually, CEVA said in a statement on its website. Borusan Tedarik’s network is set to strengthen CEVA’s connections with Europe.
CEVA said Borusan Tedarik’s strong ties in the automotive sector would help lift its finished vehicle logistics (FVL) operations into a top-three position domestically. The acquisition is also expected to expand CEVA’s ocean freight capacity by 25% and place its air freight operations among the top five in Turkey.
