- CMA CGM’s subsidiary CEVA Corporate Services has signed a deal to acquire Turkish conglomerate for $440 million.
- 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.
CEVA Logistics, a subsidiary of French liner CMA CGM, is buying Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi, a Turkish outfit, for $440, reports Reuters.
The deal, which includes Borusan Tedarik subsidiaries in Germany, Bulgaria, Hong Kong and China, remains subject to customary closing conditions and regulatory approvals.
CMA CGM acquires Borusan’s Logistics subsidiary for $440m
Mathieu Friedberg, the CEO of CEVA Logistics, 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 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.”
CEVA, bought by CMA CGM in 2019, has integrated large logistics players in recent years, including Ingram Micro’s CLS division, GEFCO, and most recently, Bolloré Logistics.
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Source: Reuters
