CMA CGM's CEVA Logistics to Acquire Turkish Firm Borusan Tedarik

CEVA Logistics, part of the French shipping giant CMA CGM, has announced plans to acquire Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi, a Turkish logistics company, for $440 million.

The acquisition will also cover Borusan Tedarik's subsidiaries located in Germany, Bulgaria, Hong Kong, and China. The transaction is still subject to standard closing procedures and regulatory approvals.

Mathieu Friedberg, CEO of CEVA Logistics, commented: “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.”

Since being acquired by CMA CGM in 2019, CEVA has continued expanding its operations by integrating major logistics firms as part of its growth strategy.