CEVA Logistics to acquire Borusan Tedarik in $440 million deal, expands presence in Turkey

CEVA Logistics, a subsidiary of the CMA CGM Group, has signed a binding agreement to acquire 100% of the shares in Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi, a longstanding logistics provider in Turkey. The transaction, valued at USD 440 million, remains subject to regulatory approvals and customary closing conditions.

Under the terms of the agreement, CEVA will acquire Borusan Tedarik from Borusan Holding and Borusan Yatırım, which currently hold 69.47% and 30.53% of the company’s shares respectively. The deal includes Borusan Tedarik’s subsidiaries in Germany, Bulgaria, Hong Kong, and China.

Borusan Tedarik has operated in Turkey for over five decades, offering a wide range of services including contract logistics, finished vehicle logistics (FVL), full truckload and less than truckload road transport, air and sea freight, and customs services. In 2024, the company reported gross revenues of USD 567 million. It serves both domestic firms and multinational clients.

Approximately 4,000 Borusan Tedarik employees will join CEVA as part of the acquisition. The move will strengthen CEVA’s existing footprint in Turkey across key service areas such as air, ocean, and road transport, as well as logistics and vehicle distribution services.

Following the acquisition, CEVA’s warehouse and distribution capacity in Turkey will nearly double, adding approximately 570,000 square meters to its existing 620,000 square meters of space. The expanded land transport capabilities are expected to support nearly one million domestic shipments annually. Borusan Tedarik’s established operations are also expected to reinforce CEVA’s connectivity between Turkey and European markets.

The transaction is projected to position CEVA among the top three finished vehicle logistics providers in Turkey. Additionally, CEVA’s maritime transport capacity in the country will rise by 25%, and its air freight volume will place it within the top five market operators.

CEVA’s expansion in Turkey is part of its broader growth strategy, following several global acquisitions since joining the CMA CGM Group in 2019. The company has previously acquired businesses such as Ingram Micro’s Commerce & Lifecycle Services division, GEFCO, and Bolloré Logistics, alongside multiple local deals and joint ventures.

Commenting on the agreement, CEVA Logistics CEO Mathieu Friedberg said Turkey represents a key market for the company’s long-term growth strategy. “Adding Borusan Tedarik’s operations and team to our business in Turkey enhances the value we offer to customers and supports accelerated growth in the region,” he said.

Erkan Kafadar, CEO of Borusan Group, noted the significance of the transaction for both the company and Turkey. “Transferring Borusan Tedarik, which began as an internal logistics provider over 50 years ago, to a global logistics group reflects strong international interest in the Turkish market,” he stated. “We will continue to pursue new investments aligned with our portfolio strategy to support economic and social development.”

The acquisition reinforces CEVA’s regional and global position as it continues to expand its logistics operations in line with evolving market demands.