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 is 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.
Source: Reuters
