CEVA Logistics, a subsidiary of the France-based CMA CGM Group, will strengthen its footprint in Türkiye after signing an agreement to acquire Turkish logistics provider, Borusan Tedarik.
The deal, worth $440 million USD (€387 million), subject to ordinary net cash and working capital adjustments, will nearly double CEVA’s footprint in the strategic market as it agrees to acquire 100 per cent of Borusan Tedarik’s shares.
The agreement, which includes Borusan Tedarik’s subsidiaries in Germany, Bulgaria, Hong Kong and China, remains subject to customary closing conditions and regulatory approvals.
Borusan Tedarik’s roots extend more than 50 years and recorded a 2024 gross revenue of $567 million USD (€499 million).
It offers logistics solutions in Turkey and globally, 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 part of the purchase, CEVA Logistics will incorporate approximately 4,000 Borusan Tedarik employees, strengthening CEVA’s current operations in Türkiye, particularly in its core products of air, ocean and ground transport, contract logistics and FVL.
The acquisition 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.
The combined ground transport activities will undertake nearly one million domestic transports per year, while Borusan Tedarik’s activities will strengthen CEVA’s existing network with Europe.
CEVA’s domestic FVL operations will be propelled into a top three position as a result of Borusan Tedarik’s relationships in the automotive industry, while CEVA’s ocean capacity will increase by 25 per cent and its air capabilities will grab a top five ranking in Türkiye.
CEVA Logistics CEO, Mathieu Friedberg, said: “As a top five global logistics player, we have identified Turkey as one of our strategic geographies where we expect to grow significantly.
“Complementing our existing presence in Türkiye 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.”
The acquisition of Borusan Tedarik is part of CEVA Logistics’ continued growth following its 2019 acquisition by the CMA CGM Group.
CEVA Logistics has integrated large logistics players into its operations, including Ingram Micro’s CLS division, GEFCO, and Bolloré Logistics. These are in addition to its range of domestic bolt-on acquisitions and joint ventures.
Borusan Group CEO, Erkan Kafadar, said: “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.
“We consider this transaction not only as a business deal, but also as a strong expression of international trust in Türkiye.
“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.”
The privately held Borusan Holding has 69.47 per cent of Borusan Tedarik’s shares, while the remaining 30.53 per cent is held by publicly traded Borusan Yatırım.
In other news, CEVA Logistics expanded in France.
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