Turkey’s Yildirim Holding has acquired a 54 percent stake in Gemport, a container terminal on the southeast coast of the Marmara Sea near the capital, Istanbul.
The industrial and trading conglomerate’s port unit Yilport is said to have paid $350 million-$400 million to acquire the stake from Isbank, a leading Turkish bank.
Yildirim, which acquired a 20 percent stake in French ocean carrier CMA CGM for $500 million in late 2010, said it plans further investments in Turkey’s fast-growing container terminal market.
“After this deal we’re going to buy another port which we are still negotiating. Following these two deals, the ports portfolio of Yildirim Holding will far exceed $2 billion from $1.5 billion now,” Chief Financial Officer Evren Ozturk told Reuters.
The deal for Gemport, which has a capacity of 600,000 20-foot-equivalent units, is the biggest since Yildirim bought a 50 percent stake in CMA CGM’s Malta Freeport container transshipment hub for close to $300 million in 2011.
Turkey is one of the fastest growing European container markets and has attracted investments by major global operators including Singapore’s PSA International, DP World and APM Terminals.
Contact Bruce Barnard at firstname.lastname@example.org.