In a strategic move to bolster its logistics operations, French shipping giant CMA CGM, through its subsidiary CEVA Corporate Services, has agreed to acquire Borusan Tedarik Zinciri Cozumleri ve Teknoloji, the logistics arm of Turkish conglomerate Borusan, for $440 million. This acquisition, pending regulatory and competition authority approval, includes standard net cash and working capital adjustments. Borusan Tedarik operates Turkey's largest port in Gemlik, handling up to 1,500 ships and 400,000 twenty-foot containers (TEU) annually. The deal is expected to significantly enhance CEVA's warehousing and distribution capabilities in Turkey, nearly doubling its presence by adding 570,000 square meters to its current 620,000 square meters. reuters.com
The acquisition also aims to strengthen CEVA's domestic shipping operations, bringing the company closer to its goal of nearly 1 million annual deliveries. Additionally, Borusan Tedarik’s strong ties to the automotive sector are set to elevate CEVA's finished vehicle logistics to a top-three position in Turkey. The move is projected to increase CEVA’s ocean freight capacity by 25% and position its air freight services among the top five in Turkey. This strategic expansion underscores CMA CGM's commitment to enhancing its logistics network and solidifying its presence in the European market. reuters.com