French logistics giant CEVA to acquire Turkish firm for $440 million
Borusan Berg Pipe factory, accessed on Sept. 3, 2024. (Photo via Panama City Beach Photography)
CEVA Logistics, the logistics division of French shipping conglomerate CMA CGM, has reached an agreement to acquire Turkish logistics provider Borusan Tedarik Zinciri Cozumleri ve Teknoloji Anonim Sirketi for approximately $440 million, marking a significant expansion of its operations in Türkiye and the broader region.
The binding agreement, announced yesterday, will see CEVA taking full ownership of Borusan Tedarik, which is currently 69.47% owned by Borusan Holding, with the remaining 30.53% held by publicly traded Borusan Yatirim.
The deal is subject to customary net cash and working capital adjustments, regulatory approvals, and standard closing conditions.
The acquisition includes Borusan Tedarik’s subsidiaries in Germany, Bulgaria, Hong Kong, and China, significantly expanding CEVA’s international footprint.
Upon completion, approximately 4,000 Borusan Tedarik employees will join CEVA Logistics.
Borusan’s comprehensive logistics portfolio adds $567 million in revenue
Borusan Tedarik provides a comprehensive range of logistics services in Türkiye, including contract logistics, finished vehicle logistics (FVL), full truckload (FTL) and less-than-truckload (LTL) ground transportation, as well as air and ocean freight and customs services.
The company generated gross revenues of $567 million in 2024, serving both international and leading domestic customers.
The deal will nearly double CEVA’s domestic warehousing and distribution capacity in Türkiye, adding around 570,000 square meters to its current 620,000 square meters.
Ground transport operations will also be strengthened, with the combined network expected to handle nearly 1 million domestic shipments annually and enhance CEVA’s European connectivity.
Industry analysts note that Borusan Tedarik’s strong automotive sector relationships will bolster CEVA’s finished vehicle logistics capabilities, positioning it among the top three global players in this segment.
Additionally, the acquisition will expand CEVA’s ocean freight capacity by 25% and elevate its airfreight operations into the top five within the Turkish market.
The move aligns with CEVA Logistics’ aggressive growth strategy since its acquisition by CMA CGM in 2019.
The company has integrated several major logistics players in recent years, including Ingram Micro’s CLS division, GEFCO, and Bollore Logistics, while also executing numerous domestic acquisitions and joint ventures to speed up its expansion across key markets and sectors.
