CEVA Logistics has signed an agreement to acquire 100% of Turkish logistics firm Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi.
The $440m deal for Borusan Tedarik will see CEVA Logistics acquire air and ocean business, as well as customs, contract logistics, finished vehicle logistics (FVL), full truckload (FTL) and less than truckload (LTL) ground transport business.
France-based CEVA Logistics, a subsidiary of the CMA CGM Group since 2019, said the acquisition would see its airfreight capabilities rank among the top five companies in Turkey, while its ocean capacity would increase by 25%.
The acquisition would also nearly double the size of CEVA’s domestic warehousing and distribution operations, adding approximately 570,000 sq m to its existing 620,000 sq m of warehouse space.
In addition, the combined ground transport activities would execute nearly 1m domestic transports per year, while Borusan Tedarik’s activities would also strengthen CEVA’s existing network connecting with Europe.
CEVA Logistics added that Borusan Tedarik’s relationships in the automotive industry would boost CEVA’s domestic FVL operations into a top-three position.
As well as Borusan Tedarik's business in Tukey, CEVA Logistics will also acquire Borusan Tedarik subsidiaries in Germany, Bulgaria, Hong Kong and China.
Privately held Borusan Holding has 69.47% of Borusan Tedarik’s shares, while the remaining 30.53% is held by publicly traded Borusan Yatırım.
Borusan Tedarik had gross revenue of $567m in 2024. The deal remains subject to customary closing conditions and regulatory approvals.
Mathieu Friedberg, chief executive at CEVA Logistics, said: “As a top five 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 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.”
CEVA Logistics has contined its growth trajectory following its 2019 acquisition by the CMA CGM Group. As the Group’s strategic logistics pillar, CEVA has integrated large logistics players, including Ingram Micro’s CLS division, GEFCO, and most recently, Bolloré Logistics, which the CMA CGM Group acquired from the Bolloré Group last year.
CEVA Logistics said it has also made domestic bolt-on acquisitions and launched joint ventures to accelerate its growth in key geographies or market sectors.
