CEVA Logistics, a subsidiary of the CMA CGM Group, will strengthen its global footprint in a key market as the company announced today the signing of a binding agreement to acquire 100 percent of Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi.
The signed share transfer agreement lists a total transfer price of $440 million (USD) subject to ordinary net cash and working capital adjustments. Privately held Borusan Holding has 69.47 percent of Borusan Tedarik’s shares, while the remaining 30.53 percent 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.
With roots going back more than 50 years, Borusan Tedarik offers comprehensive 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. With 2024 gross revenue of $567 million (USD), Borusan Tedarik serves a diversified customer base of global customers, as well as domestic leaders who would benefit from CEVA’s strong global network.
CEVA Logistics would welcome approximately 4,000 employees working with Borusan Tedarik. Adding the logistics activities of Borusan Tedarik would 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 meters to its existing 620,000 square meters 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 boost CEVA’s domestic FVL operations into a Top 3 position. Finally, CEVA’s ocean capacity would increase by 25 percent, while its air capabilities would rank among the Top 5 in Turkey.
CEVA Logistics continues its growth trajectory following its 2019 acquisition by the CMA CGM Group. As the Group’s strategic logistics pillar, CEVA has integrated large logistics players, including Ingram Micro’s CLS division, GEFCO, and most recently, Bolloré Logistics. CEVA has also made numerous domestic bolt-on acquisitions and launched joint ventures to accelerate its growth in key geographies or market sectors.
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.”
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.”
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