Latest news with #BorusanTedarik
Asharq Al-Awsat
27-04-2025
- Business
- Asharq Al-Awsat
French CMA CGM to Acquire Turkish Borusan's Logistics Subsidiary in $440 mln Deal
French shipping giant CMA CGM's subsidiary CEVA Corporate Services has signed a deal to acquire Turkish conglomerate Borusan's logistics arm, Borusan Tedarik Zinciri Cozumleri ve Teknoloji, for $440 million, according to a filing by the Turkish company. Borusan Yatirim said in the exchange filing that the price was subject to ordinary net cash and working capital adjustments, adding that the deal was subject to approval from competition authorities and other relevant regulatory bodies. Borusan Tedarik operates the largest port in Türkiye'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. CMA CGM is the world's third-largest container line, Reuters reported. Headquartered in Marseille, France, CEVA offers a broad range of end-to-end contract logistics and air, ocean, ground and finished vehicle transport in 170 countries worldwide thanks to its approximately 110,000 employees at more than 1,500 facilities. CEVA said its planned acquisition of Borusan Tedarik, would nearly double its warehousing and distribution footprint in Türkiye, 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, the company added. 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 Türkiye.
Reuters
27-04-2025
- Business
- Reuters
French CMA CGM to acquire Turkish Borusan's logistics subsidiary in $440 million deal
April 27 (Reuters) - French shipping giant CMA CGM's subsidiary CEVA Corporate Services has signed a deal to acquire Turkish conglomerate Borusan's ( opens new tab logistics arm, Borusan Tedarik Zinciri Cozumleri ve Teknoloji, for $440 million, according to a filing by the Turkish company. Borusan Yatirim said in the exchange filing that the price was subject to ordinary net cash and working capital adjustments, adding that the deal was subject to approval from competition authorities and other relevant regulatory bodies. 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. CMA CGM is the world's third-largest container line. Headquartered in Marseille, France, CEVA offers a broad range of end-to-end contract logistics and air, ocean, ground and finished vehicle transport in 170 countries worldwide thanks to its approximately 110,000 employees at more than 1,500 facilities. 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, the company added. 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.
Yahoo
27-04-2025
- Business
- Yahoo
French CMA CGM to acquire Turkish Borusan's logistics subsidiary in $440 million deal
(Reuters) - French shipping giant CMA CGM's subsidiary CEVA Corporate Services has signed a deal to acquire Turkish conglomerate Borusan's logistics arm, Borusan Tedarik Zinciri Cozumleri ve Teknoloji, for $440 million, according to a filing by the Turkish company. Borusan Yatirim said in the exchange filing that the price was subject to ordinary net cash and working capital adjustments, adding that the deal was subject to approval from competition authorities and other relevant regulatory bodies. 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. CMA CGM is the world's third-largest container line. Headquartered in Marseille, France, CEVA offers a broad range of end-to-end contract logistics and air, ocean, ground and finished vehicle transport in 170 countries worldwide thanks to its approximately 110,000 employees at more than 1,500 facilities. 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, the company added. 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. Sign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
Ceva Logistics to acquire logistics provider in Turkey
Ceva Logistics, the world's fifth-largest logistics service provider by gross revenue and part of France-based CMA CGM Group, announced Saturday it has agreed to acquire Turkey-based Borusan Tedarik for $400 million in cash and debt. Borusan Tedarik offers contract logistics, finished vehicle logistics, truckload and less-than-truckload service, as well as air and ocean freight management, and customs brokerage. In addition to Turkey, it also has operations in Germany, Bulgaria, Hong Kong and China. Last year the company had gross revenue – which differs from net revenue, which subtracts the cost of purchasing transportation on a customer's behalf – of $567 million. Ceva Logistics said it is buying the entire company, including all the privately held shares and the publicly traded ones. The transaction must still meet closing conditions and regulatory approvals before it can be finalized. Ceva said Borusan Tedarik, which has about 4,000 employees, will strengthen its position in Turkey. The acquisition will nearly double the size of Ceva's domestic warehousing and distribution infrastructure to 12.9 million square feet. In addition, the combined ground transport activities of the companies will move about 1 million loads per year. The deal will also elevate Ceva to the upper echelon of finished vehicle, ocean and air logistics capacity in Turkey, according to the company. 'We have identified Turkey as one of our strategic geographies where we expect to grow significantly. 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,' said CEO Mathieu Friedberg. The Borusan Tedarik deal is the latest step in CMA CGM's growth strategy through acquisitions. The ocean shipping giant acquired Ceva Logistics in 2019 and has since integrated large logistics providers such as France-based Bolloré Logistics and GEFCO, and Ingram Micro's commerce and lifestyle services business. Ceva has also made numerous tuck-in acquisitions, including the 2023 purchase of last-mile delivery company Colis Privé Group, and initiated joint ventures to accelerate its growth in key geographies or market sectors. CMA CGM also launched its own cargo airline three years ago. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED STORIES: CMA CGM buying large stake in last-mile delivery company Express logistics providers bet big on health care business FedEx makes big push for third-party air cargo The post Ceva Logistics to acquire logistics provider in Turkey appeared first on FreightWaves. Sign in to access your portfolio
