Borusan is being sold to the French

Borusan's logistics company, Borusan Supply Chain Solutions and Technology, is being sold to CEVA Corporate Services, a subsidiary of the French maritime transport company CMA CGM, for 440 million dollars. 

According to the statement made by the holding company, information regarding the share transfer was published on the Public Disclosure Platform (KAP).

Accordingly, all shares of Borusan Supply, in which Borusan Investment holds a 30.53 percent stake and Borusan Holding holds a 69.47 percent stake, have been transferred to CEVA Logistics.

COMPETITION AUTHORITY APPROVAL AWAITED FOR SALE

Borusan Port, the other company of the Borusan Group operating in the logistics sector, will continue its operations within the Borusan Group. The transfer price was set at 440 million dollars, subject to customary net cash and working capital adjustments, to be paid in cash to the relevant shareholder at closing in proportion to their share. The share transfer process will be completed following the approval of the Competition Board.

CEVA Logistics, which serves in more than 1500 facilities in over 170 countries with approximately 110 thousand employees, announced its 2024 turnover as 18.3 billion dollars. The company operates in the fields of sea, land, air, and logistics solutions as a subsidiary of the CMA CGM Group.

'A GREAT SOURCE OF PRIDE FOR TURKEY'

In the statement, Borusan Group CEO Erkan Kafadar emphasized that Borusan Supply, which is among the leading companies in the logistics sector, has a deep-rooted history.

Kafadar stated, "We have initiated the transfer process of Borusan Supply, one of our investments that adds value to our country and the sector, to CEVA Logistics, a group that provides global and integrated logistics services. It is a great source of pride for us that our company, which we founded 52 years ago to meet the logistics needs of our group, is transforming into a player that will soon take its place in the global arena."

Stating that they view this process as more than just a company transfer, but as a strong indicator of confidence in Turkey, Kafadar expressed that the Borusan Group will continue its contributions to the country's economy and social development with new investments.

CEVA Logistics CEO Mathieu Friedberg also noted that as one of the world's five largest logistics players, they see Turkey as one of the strategic markets where they aim to grow significantly.

Friedberg said, "Complementing our existing presence in Turkey with the respected expert staff and operations of Borusan Supply will allow us to offer higher value to our combined customer portfolio and, as a result, grow faster in the market organically. As CEVA, we aim to reach a capacity for faster growth by becoming bigger, smarter, and stronger."

News Source: 12punto