CEVA Logistics has announced the signing of a binding agreement to acquire 100 per cent of Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi.
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 per cent of Borusan Tedarik’s shares, while the remaining 30.53 per cent 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.
Borusan Tedarik offers logistics solutions in Turkey, 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.
CEVA Logistics would welcome approximately 4,000 employees working with Borusan Tedarik. Adding the logistics activities of Borusan Tedarik would reportedly strengthen CEVA’s current position in Turkey, with a strong offering in each of its core products—air, ocean and ground transport, contract logistics and FVL.
The acquisition would nearly double the size of CEVA’s domestic warehousing and distribution operations, adding approximately 570,000 square metres to its existing 620,000 square metres of warehouse space. In addition, the combined ground transport activities would execute nearly 1 million domestic transports per year, while Borusan Tedarik’s activities would also strengthen CEVA’s existing network connecting with Europe.
Borusan Tedarik’s relationships in the automotive industry would reportedly boost CEVA’s domestic FVL operations into a Top 3 position. Finally, CEVA’s ocean capacity would increase by 25 per cent, while its air capabilities would rank among the Top 5 in Turkey.
Mathieu Friedberg, CEO, CEVA Logistics, said: “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.”
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Erkan Kafadar, CEO Borusan Group, 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 Turkiye.
“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.”
