Global company CEVA Logistics has signed a binding agreement to acquire 100 per cent of shares in Turkish logistics business Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi.
The agreement, with a total transfer price of $440 million (USD) will need to pass the usual closing conditions and regulatory approvals before being finalised.
CEVA, which offers a range of services around the world, including car carrying and general freight from sites in Victoria, Australia, has said the agreement will support its growth as an international business.
It’s CEO Mathieu Freidberg says the deal is positive step for the business overall.
“As a Top 5 global logistics player, we have identified Turkey as one of our strategic geographies where we expect to grow significantly,” Freidberg says.
“Complementing our existing presence in Turkey with the reputable experts and operations of Borusan Tedarik would put us in a position to offer even greater value to our combined customers and, as a result, grow faster than the market organically.
“CEVA is becoming bigger, stronger and smarter, so that we can then grow faster.”
For Borusan Group CEO Erkan Kafadar the transfer of Borusan Tedarik to CEVA Logistics presents an opportunity for that particular business to continue to thrive while Borusan Group continues to evolve its own strategy and investments across a range of portfolios including manufacturing, machinery and power systems, automotive, logistics, energy and corporate venture capital plays.
“We have initiated the transfer process of Borusan Tedarik — one of our investments that adds significant value to our country and sector — to CEVA Logistics, a global provider of integrated logistics services,” Kafadar says.
“Founded 52 years ago to meet the internal logistics needs of our Group, the company’s evolution into a global player is a source of immense pride for us.
“We consider this transaction not only as a business deal but also as a strong expression of international trust in Turkiye.
“As Borusan Group, operating under a dynamic portfolio strategy, we will continue to contribute to the economic and social development of our country through new investments.”
Borusan Tedarik’s logistics solutions in Turkey include 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.
Once the agreement is finalised, CEVA Logistics would welcome about 4,000 new employees and nearly double the size of its domestic warehousing and distribution operations, adding 570,000 sqm to its existing 620,000 sqm of warehouse space.
It is estimated the combined CEVA Logistics and Borusan Tedarik would execute nearly one million domestic transports a year.
CEVA Logistics is headquartered in Marseille, France, and now operates in 170 countries with about 110,000 employees and 1,500 facilities. In 2024 it reported revenue of US$18.3 billion.
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