CEVA Logistics, the logistics arm of French shipping giant CMA CGM, has signed a binding agreement to acquire 100% of Turkish logistics provider Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi.

The deal, valued at approximately US$440 million, is subject to customary net cash and working capital adjustments. Borusan Holding currently owns 69.47% of Borusan Tedarik, while 30.53% is held by the publicly traded Borusan Yatırım.

The acquisition, which includes Borusan Tedarik’s subsidiaries in Germany, Bulgaria, Hong Kong, and China, remains subject to regulatory approvals and standard closing conditions.

Borusan Tedarik offers a broad range of logistics services in Turkey, 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. In 2024, the company generated gross revenues of US$567 million, serving a diverse mix of international and leading domestic customers.

Following the completion of the transaction, approximately 4,000 Borusan Tedarik employees will join CEVA Logistics.

The acquisition is set to significantly expand CEVA’s presence in Turkey, nearly doubling its domestic warehousing and distribution footprint by 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 bolster CEVA’s European connectivity.

Borusan Tedarik’s strong relationships in the automotive sector are expected to reinforce CEVA’s finished vehicle logistics (FVL) capabilities, positioning it among the top three global players in the segment. Additionally, the deal will expand CEVA’s ocean freight capacity by 25% and elevate its airfreight operations into the top five within the Turkish market.

Since its acquisition by CMA CGM in 2019, CEVA Logistics has pursued an aggressive growth strategy, integrating major players such as Ingram Micro’s CLS division, GEFCO, and most recently, Bolloré Logistics. The company has also executed numerous domestic bolt-on acquisitions and joint ventures to accelerate its expansion across key markets and sectors.