French group CMA CGM, through its logistics arm CEVA Logistics, agreed to acquire 100% of Borusan Tedarik, Borusan’s logistics division, for $440 million, subject to ordinary net cash and working capital adjustments. The transaction became one of the most visible examples of consolidation in Türkiye’s logistics market and showed how major international players are expanding infrastructure and market share across key transport corridors. 

What Happened and Why It Matters

1) CEVA’s scale in Türkiye nearly doubled

According to CEVA, the acquisition was expected to nearly double the company’s footprint in Türkiye by adding a large warehousing and transportation platform to its existing network. CEVA stated that the deal would add approximately 570,000 square meters of warehouse space to its existing 620,000 square meters in the country. 

2) Stronger positions in high-value segments: automotive and multimodal logistics

Borusan Tedarik has historically been strong in automotive logistics, including finished vehicle logistics, as well as multimodal solutions combining road, sea, and air freight. For CEVA, the acquisition is a fast way to strengthen its position in segments where network scale, operational standards, and cargo volumes matter. CEVA also noted that the deal would strengthen its position in core products such as air, ocean, ground transport, contract logistics, and finished vehicle logistics. 

3) Regulation matters: conditional approval

The transaction received conditional approval from the Turkish Competition Authority. CEVA publicly announced behavioral commitments aimed at preserving effective competition in Türkiye. This is an important signal for the market: major M&A transactions are possible, but not without regulatory scrutiny and clear competition safeguards. 

4) The deal was closed, and the final amount was lower than the headline price

Borusan announced that, following regulatory approval, the share transfer was completed on 5 November 2025. The final transaction value, after adjustments, was $383,227,206. This is standard practice in deals where the originally announced $440 million price is subject to final net cash and working capital adjustments. 

Timeline for a “Company News” Block

25 April 2025

CEVA announced the signing of an agreement to acquire Borusan Tedarik for $440 million, subject to adjustments. 

28 October 2025

The Turkish Competition Authority issued conditional approval for the transaction.

5 November 2025

The transaction was completed. Borusan confirmed the transfer of shares and announced the final adjusted value of $383.23 million. 

The Lesson for Türkiye’s Logistics Market: What It Means for Logistics Companies and Clients

Lesson 1. Scale is becoming a competitive weapon again

Warehouses, transport lines, IT integrations, SLA management, and access to capital investment increasingly require scale. Consolidation is likely to continue, especially in contract logistics, automotive logistics, and integrated transportation services.

Lesson 2. The winners are those who can cover the full chain end-to-end

The acquisition strengthens CEVA precisely in the areas where clients increasingly need integrated solutions: warehouse operations, domestic distribution, import/export flows, ocean and air freight, and customs-related coordination. This puts pressure on mid-sized players: they will either need to specialize more clearly or look for partnerships and consolidation.

Lesson 3. Regulatory risk must be calculated in advance

The conditional approval and CEVA’s behavioral commitments show that large deals in Türkiye can be approved, but they require serious preparation, competition-law arguments, and careful compliance planning. CEVA’s commitments included transition support for customers, continuity of existing contracts, limits on certain price increases, and the appointment of an independent monitoring trustee. 

Lesson 4. The headline price is not the final price

The difference between the announced $440 million and the final $383.23 million clearly shows why M&A and partnership planning must account for adjustment mechanisms such as net cash, working capital, and closing accounts. This is not a “discount drama”; it is how serious transactions are usually structured. Humanity survives another spreadsheet.

What to Watch Next

• how CEVA integrates Borusan Tedarik’s network, including warehouses, IT systems, contracts, and personnel;

• whether the market responds with new transactions or partnerships;

• how CEVA’s behavioral commitments are implemented in practice, since this may influence tariffs, service access, and competition in specific logistics segments.

Sources

CEVA Logistics

Reuters

Turkish Competition Authority-related legal summaries

Turkish Law Blog

Borusan Holding

CEVA (press release, 25 Apr 2025):

https://www.cevalogistics.com/en/news-and-media/newsroom/press-release/ceva-logistics-signs-deal-to-acquire-borusan-tedarik

Reuters (27 Apr 2025):

https://www.reuters.com/markets/deals/french-cma-cgm-acquire-turkish-borusans-logistics-subsidiary-440-mln-deal-2025-04-27/

Concurrences summary (28 Oct 2025):

https://www.concurrences.com/en/bulletin/news-issues/october-2025/the-turkish-competition-authority-conditionally-approves-a-merger-in-the

Turkish Law Blog (Oct 2025 competition update):

https://turkishlawblog.com/insights/detail/quick-read-competition-law-updates-in-turkiye-october-2025

CEVA public disclosure (Nov 2025 commitments):

https://www.cevalogistics.com/en/news-and-media/newsroom/public-disclosure-ceva-logistics-acquisition-of-borusan-tedarik

Borusan announcement (completion, 5 Nov 2025):

https://www.borusan.com/en/news/borusan-tedarik-s-acquisition-by-ceva-logistics-has-been-completed