(Reuters) -France's CEVA Logistics has completed its acquisition of Turkish logistics provider Borusan Tedarik from Turkish conglomerate Borusan Yatirim for $383 million, the companies said in
CEVA Logistics Completes $383 Million Acquisition of Borusan Tedarik
CEVA Logistics and Borusan Acquisition Overview
(Reuters) -France's CEVA Logistics has completed its acquisition of Turkish logistics provider Borusan Tedarik from Turkish conglomerate Borusan Yatirim for $383 million, the companies said in separate statements on Wednesday.
Details of the Acquisition
Marseille-based CEVA is a subsidiary of French shipping group CMA CGM, the world's third-largest container line.
Impact on CEVA's Operations
Borusan Yatirim, the listed investment arm of the Borusan Group, said in the filing that payments had been made to shareholders under the deal, which was first announced in April at a value of $440 million.
Future Plans for Integration
CEVA said it has completed the acquisition of 100% of Borusan Tedarik, the legal entity operating Turkey's Borusan Lojistik, after receiving all necessary regulatory approvals.
With the acquisition, CEVA also gains control of Borusan Lojistik's foreign subsidiaries and Turkish digital platforms eTA and Bukoli, while port operations under the Borusan Lojistik brand will remain with Borusan Holding, CEVA said.
CEVA said it will now begin integrating and rebranding to strengthen its position in Turkey, where it will manage about 1.19 million square meters of warehouse space and handle around 1 million full truckload (FTL) transports per year.
The group provides end-to-end contract logistics and air, ocean, ground and finished vehicle transport in 170 countries, with around 110,000 employees at more than 1,500 facilities.
(Reporting by Canan Sevgili; Editing by Alexander Smith)
