CMA CGM Will Double Logistics Operation in Turkey with Acquisition
CMA CGM through its subsidiary CEVA Logistics is continuing the efforts to expand its logistics portfolio with the acquisition of Turkish logistics firm, Borusan Tedarik. The deal which is valued at approximately $440 million will double CEVA’s footprint in a key strategic market and provide new opportunities in other regions.
Borusan Tedarik has been in operation for more than 50 years, providing comprehensive logistics solutions in Turkey. This includes 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. In 2024, Borusan Tedarik had a gross revenue of $567 million and approximately 4,000 employees.
CEVA said the acquisition would nearly double the size of its warehousing and distribution operations in Turkey, adding approximately 570,000 square meters to its existing 620,000 square meters of warehouse space. Further, the combined ground transport activities would execute nearly one million transports per year in Turkey.
The deal also includes the transfer of Borusan Tedarik subsidiaries in Germany, Bulgaria, Hong Kong and China. Borusan Limani, another logistics company in the Borusan group that manages operations at the Borusan port on Gemlik Gulf in the Sea of Marmara, however, will remain with the Turkish group.
“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
reputable experts and operations of Borusan Tedarik would put us in a position to offer even greater value to our combined customers,” said Mathieu Friedberg, CEO CEVA Logistics.
CEVA reports it will emerge in the top 3 with the automotive industry in finished vehicle handling, Its ocean capacity will be increased by 25 percent, while its air capabilities will rank among the top 5 in Turkey.
As the logistics arm of the CMA CGM Group, CEVA is integrating other large logistics players recently acquired by the ocean carrier. These include Ingram Micro’s CLS Division, GEFCO and Bollore Logistics.
Under the terms of the agreement with Borusan, CEVA will acquire 100 percent of Borusan Tedarik, including 69.47 percent of the shares held by the private Borusan Holdings and the remaining 30.53 percent which is held by the publicly traded Borusan Yatlrlm. Closing the deal is subject to regulatory approvals.