CEVA Logistics to Acquire Borusan Tedarik in $440 Million Expansion Move
CEVA Logistics, a subsidiary of the CMA CGM Group, has signed a binding agreement to acquire 100% of Borusan Tedarik Zinciri Çözümleri ve Teknoloji Anonim Şirketi, strengthening its footprint in Turkey and beyond.
The deal, valued at $440 million (subject to customary cash and working capital adjustments), covers Borusan Tedarik’s operations in Germany, Bulgaria, Hong Kong, and China, in addition to its core business in Turkey. The acquisition is still subject to regulatory approvals and other closing conditions.
Borusan Holding currently owns 69.47% of Borusan Tedarik, while the remaining 30.53% is held by the publicly traded Borusan Yatırım.
With roots dating back more than 50 years, Borusan Tedarik provides end-to-end logistics services across contract logistics, finished vehicle logistics (FVL), full truckload (FTL) and less than truckload (LTL) ground transport, as well as air and ocean freight and customs clearance.
In 2024, the company reported gross revenue of $567 million, serving a wide customer base of both domestic and international firms.
Upon completion, CEVA Logistics will integrate approximately 4,000 Borusan Tedarik employees. The acquisition will almost double CEVA’s warehousing and distribution capacity in Turkey, adding 570,000m² to its existing 620,000m² of space.
The move will also scale CEVA’s domestic ground transport activities to almost one million shipments per year, significantly boost its finished vehicle logistics (FVL) standing to a Top 3 position in Turkey, and enhance its air and ocean freight capacity by 25% and Top 5 rankings, respectively.
Mathieu Friedberg, CEO of CEVA Logistics, said:
“As a Top 5 global logistics player, Turkey is a strategic market where we see strong growth potential. By combining our operations with Borusan Tedarik, we can create more value for customers and accelerate our organic growth.”
The acquisition fits CEVA’s broader expansion strategy following its 2019 acquisition by the CMA CGM Group. Since then, CEVA has integrated major players like Ingram Micro’s CLS division, GEFCO, and Bolloré Logistics, along with numerous smaller bolt-on acquisitions globally.
Erkan Kafadar, CEO of Borusan Group, commented:
“This transaction is more than a business deal — it reflects international confidence in Turkey’s logistics sector. Borusan Tedarik’s transformation into a global player is a proud moment for us.”
Borusan Group plans to continue investing in Turkey’s economic and social development under a dynamic portfolio strategy.