CMA CGM Acquires Turkish Logistics Company for $440 Million

Turkish conglomerate Borusan sold its logistics and supply chain solutions firm to French shipping giant CMA CGM SA for $440 million, according to a statement dated Saturday.

Borusan signed a binding deal with Ceva Logistics, a unit of closely held CMA CGM, to sell all shares of Borusan Tedarik Zinciri Cozumleri ve Teknoloji AS, the Turkish company said in an exchange filing. The price of $440 million is subject to net cash and working capital adjustments, while the deal is pending regulatory approvals.

“We have identified Turkey as one of our strategic geographies where we expect to grow significantly,” Mathieu ...