French shipping giant CMA CGM Group's subsidiary, CEVA Corporate Services, recently signed an agreement to acquire the logistics department of Borusan, a Turkish conglomerate, for $440 million. The logistics department is known as Borusan Tedarik Zinciri Cozumleri ve Teknoloji (stock code: BRYAT.IS).

According to Borusan Yatirim's announcement, the transaction price will be adjusted based on standard net cash and working capital adjustments, and the deal is subject to approval from competition regulatory agencies and other relevant departments.

Borusan Tedarik currently manages the largest port in Gemlik, a manufacturing hub in Turkey, with an annual throughput capacity of 1,500 vessels and approximately 400,000 TEUs.

CMA CGM is the world's third-largest container shipping company, and its subsidiary CEVA has over 1,500 sites in more than 170 countries with around 110,000 employees, offering comprehensive logistics services ranging from contract logistics to air, sea, land, and full-truckload transportation.

CEVA stated that the acquisition of Borusan Tedarik will nearly double its warehousing and distribution capabilities in Turkey, adding around 570,000 square meters of warehouse space to its existing 620,000 square meters.

Moreover, this deal will significantly strengthen its domestic land transportation business in Turkey, with an expected annual integrated ground transport volume of close to 1 million shipments. CEVA also highlighted that Borusan Tedarik's network resources will further solidify its connections with the European market.

Additionally, Borusan Tedarik has a strong customer base in the automotive industry, which will help CEVA become one of the top three players in the local full-truckload (FVL) logistics business. Following the completion of the acquisition, CEVA's ocean freight volume is expected to grow by 25%, and its air freight business will rank among the top five in Turkey.