Ceva acquires Borusan Tedarik
Ceva Logistics has reported it has signed a binding agreement to acquire 100% of Borusan Tedarik, a Turkish logistics provider, for USD 440 million. The acquisition, which includes Borusan’s subsidiaries in Germany, Bulgaria, Hong Kong, and China, is pending regulatory approval. It will nearly double Ceva’s warehousing footprint in Turkey by adding 570,000 sqm and strengthen its services in contract logistics, finished vehicle logistics, ground transport, air, and ocean freight.
The deal will add around 4,000 employees to Ceva. The acquisition supports Ceva’s global growth strategy under the CMA CGM Group and follows other integrations, including Bolloré Logistics and Gefco. "CEVA is becoming bigger, stronger and smarter, so that we can then grow faster", said Mathieu Friedberg, CEO, CEVA Logistics. (js)