CEVA Logistics, a subsidiary of the CMA CGM Group has announced the signing of a binding agreement to acquire 100 percent of Borusan Tedarik Zinciri Cozumleri ve Teknoloji Anonim Sirketi.
The signed share transfer agreement lists a total transfer price of USD 440 million, subject to ordinary net cash and working capital adjustments. Privately held Borusan Holding has 69.47 percent of Borusan Tedarik’s shares, while the remaining 30.53 percent is held by publicly traded Borusan Yatirim. The deal, which includes Borusan Tedarik subsidiaries in Germany, Bulgaria, Hong Kong, and China, remains subject to customary closing conditions and regulatory approvals.
With roots going back more than 50 years, Borusan Tedarik offers comprehensive logistics solutions in Turkey, including contract logistics, finished vehicle logistics, full truckload and less than truckload ground transport, as well as air and ocean freight and customs. It reported 2024 gross revenue of USD 567 million.
Once the deal is approved, CEVA Logistics will welcome approximately 4,000 employees working with Borusan Tedarik and will nearly double the size of CEVA’s domestic warehousing and distribution operations, adding approximately 570,000 square meters to its existing 620,000 square meters of warehouse space. In addition, the combined ground transport activities would execute nearly 1 million domestic transports per year, while Borusan Tedarik’s activities would also strengthen CEVA’s existing network connecting with Europe. Borusan Tedarik’s relationships in the automotive industry are expected to boost CEVA’s domestic FVL operations into a top 3 position. Finally, CEVA’s ocean capacity would increase by 25 percent, while its air capabilities would rank among the top 5 in Turkey.
CEVA Logistics was acquired in 2019 by the CMA CGM Group. As the group’s strategic-logistics pillar, CEVA has absorbed other large logistics players, including Ingram Micro’s CLS division, GEFCO, and most recently, Bollore Logistics. CEVA has also made numerous domestic bolt-on acquisitions and launched joint ventures to accelerate its growth in key geographies or market sectors.
“As a top 5 global logistics player, we have identified Turkey as one of our strategic geographies where we expect to grow significantly,” said CEVA Logisitics CEO Mathieu Friedberg. “Complementing our existing presence in Turkey with the reputable experts and operations of Borusan Tedarik would put us in a position to offer even greater value to our combined customers and, as a result, grow faster than the market organically. CEVA is becoming bigger, stronger and smarter, so that we can then grow faster.”
“We have initiated the transfer process of Borusan Tedarik — one of our investments that adds significant value to our country and sector—to CEVA Logistics, a global provider of integrated logistics services,” noted Borusan Group CEO Erkan Kafadar. “Founded 52 years ago to meet the internal logistics needs of our group, the company’s evolution into a global player is a source of immense pride for us. We consider this transaction not only as a business deal but also as a strong expression of international trust in Turkiye. As Borusan Group, operating under a dynamic portfolio strategy, we will continue to contribute to the economic and social development of our country through new investments.”
Image source: www.cevalogistics.com
