CEVA Logistics, a subsidiary of CMA CGM Group, has signed a binding agreement to acquire 100% of Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi, marking a significant expansion in Turkey. The transaction is valued at $440 million (USD), subject to net cash and working capital adjustments. Borusan Tedarik, a leader in Turkey’s logistics sector, operates subsidiaries in Germany, Bulgaria, Hong Kong, and China. The deal is pending regulatory approvals.
Founded over 50 years ago, Borusan Tedarik provides a comprehensive range of logistics solutions, including contract logistics, vehicle logistics, ground transport, air and ocean freight, and customs services. With a projected 2024 revenue of $567 million, the company serves a diverse customer base, both global and domestic. Its integration with CEVA’s network will enhance service offerings and global reach.
The acquisition will also bring approximately 4,000 employees to CEVA, significantly strengthening its logistics capabilities in Turkey. The deal will nearly double CEVA’s warehousing space, adding 570,000 square meters to its existing 620,000 square meters. It will also increase domestic transport operations and enhance connections with Europe. Borusan’s established automotive sector relationships will position CEVA among the top players in finished vehicle logistics (FVL) in Turkey.
CEVA’s CEO, Mathieu Friedberg, emphasized Turkey’s strategic importance in the company’s growth plans, while Borusan Group’s CEO, Erkan Kafadar, highlighted the transaction as a testament to international confidence in Turkey’s logistics sector.
This acquisition follows CEVA’s recent expansion efforts, which include the integration of major logistics players like Ingram Micro’s CLS division and Bolloré Logistics.
