Turkish conglomerate Borusan Holding said Saturday it sold its logistics and supply chain solutions firm to French shipping giant CMA CGM for $440 million.
Borusan signed a binding deal with CEVA Logistics, a unit of French CMA CGM, to sell 100% shares of Borusan Supply Chain Solutions and Technology Inc. (Borusan Tedarik), the Turkish company said in an exchange filing on the Public Disclosure Platform (KAP).
The signed share transfer agreement lists a total transfer price of $440 million, subject to ordinary net cash and working capital adjustments.
Privately held Borusan Holding has 69.47% of Borusan Tedarik’s shares, while the remaining 30.53% is held by publicly traded Borusan Yatırım. 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 Türkiye, including contract logistics, finished vehicle logistics (FVL), full truckload (FTL) and less than truckload (LTL) ground transport, as well as air and ocean freight and customs.
"As a Top 5 global logistics player, 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," Mathieu Friedberg, CEO, CEVA Logistics, said.
"We consider this transaction not only as a business deal but also as a strong expression of international trust in Türkiye," said Erkan Kafadar, Borusan Group’s chief executive.
"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. 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," Kadafar said.
"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.”
