{"id":3253,"date":"2025-08-25T03:16:28","date_gmt":"2025-08-25T03:16:28","guid":{"rendered":"https:\/\/betainvest.ee\/company-news\/"},"modified":"2026-04-17T10:39:14","modified_gmt":"2026-04-17T10:39:14","slug":"company-news","status":"publish","type":"post","link":"https:\/\/betainvest.ee\/en\/company-news\/","title":{"rendered":"Company News"},"content":{"rendered":"\t\t
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Mergers and Expansion in T\u00fcrkiye\u2019s Logistics Market: \nThe Lesson from CMA CGM and Borusan<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\u00a0 \u00a0 \u00a0French group CMA CGM<\/b><\/span>, through its logistics arm CEVA Logistics<\/b><\/span>, agreed to acquire 100% of Borusan Tedarik<\/b><\/span>, Borusan\u2019s logistics division, for $440 million<\/b><\/span>, subject to ordinary net cash and working capital adjustments. The transaction became one of the most visible examples of consolidation in T\u00fcrkiye\u2019s logistics market and showed how major international players are expanding infrastructure and market share across key transport corridors.\u00a0 <\/span><\/p>

What Happened and Why It Matters<\/b><\/h5>

1) CEVA\u2019s scale in T\u00fcrkiye nearly doubled<\/b><\/p>

According to CEVA, the acquisition was expected to nearly double the company\u2019s footprint in T\u00fcrkiye by adding a large warehousing and transportation platform to its existing network. CEVA stated that the deal would add approximately 570,000 square meters<\/b><\/span> of warehouse space to its existing 620,000 square meters<\/b><\/span> in the country.\u00a0 <\/span><\/p>

2) Stronger positions in high-value segments: automotive and multimodal logistics<\/b><\/p>

Borusan Tedarik has historically been strong in automotive logistics, including finished vehicle logistics<\/b><\/span>, 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.\u00a0 <\/span><\/p>

3) Regulation matters: conditional approval<\/b><\/p>

The transaction received conditional approval from the Turkish Competition Authority. CEVA publicly announced behavioral commitments aimed at preserving effective competition in T\u00fcrkiye. This is an important signal for the market: major M&A transactions are possible, but not without regulatory scrutiny and clear competition safeguards.\u00a0 <\/span><\/p>

4) The deal was closed, and the final amount was lower than the headline price<\/b><\/p>

Borusan announced that, following regulatory approval, the share transfer was completed on 5 November 2025<\/b><\/span>. The final transaction value, after adjustments, was $383,227,206<\/b><\/span>. This is standard practice in deals where the originally announced $440 million<\/b><\/span> price is subject to final net cash and working capital adjustments.\u00a0 <\/span><\/p>

Timeline for a \u201cCompany News\u201d Block<\/b><\/h5>

25 April 2025<\/b><\/p>

CEVA announced the signing of an agreement to acquire Borusan Tedarik for $440 million<\/b><\/span>, subject to adjustments.\u00a0 <\/span><\/p>

28 October 2025<\/b><\/p>

The Turkish Competition Authority issued conditional approval for the transaction.<\/p>

5 November 2025<\/b><\/p>

The transaction was completed. Borusan confirmed the transfer of shares and announced the final adjusted value of $383.23 million<\/b><\/span>.\u00a0 <\/span><\/p>

The Lesson for T\u00fcrkiye\u2019s Logistics Market: What It Means for Logistics Companies and Clients<\/h3>
Lesson 1. Scale is becoming a competitive weapon again<\/b><\/h5>

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.<\/p>

Lesson 2. The winners are those who can cover the full chain end-to-end<\/b><\/h5>

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.<\/p>

Lesson 3. Regulatory risk must be calculated in advance<\/b><\/h5>

The conditional approval and CEVA\u2019s behavioral commitments show that large deals in T\u00fcrkiye can be approved, but they require serious preparation, competition-law arguments, and careful compliance planning. CEVA\u2019s commitments included transition support for customers, continuity of existing contracts, limits on certain price increases, and the appointment of an independent monitoring trustee.\u00a0 <\/span><\/p>

Lesson 4. The headline price is not the final price<\/b><\/h5>

The difference between the announced $440 million<\/b><\/span> and the final $383.23 million<\/b><\/span> 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 \u201cdiscount drama\u201d; it is how serious transactions are usually structured. Humanity survives another spreadsheet.<\/p>

What to Watch Next<\/h3>

  • how CEVA integrates Borusan Tedarik\u2019s network, including warehouses, IT systems, contracts, and personnel;<\/p><\/li>

  • whether the market responds with new transactions or partnerships;<\/p><\/li>

  • how CEVA\u2019s behavioral commitments are implemented in practice, since this may influence tariffs, service access, and competition in specific logistics segments.<\/p><\/li><\/ul>

    Sources<\/h3>

    CEVA Logistics<\/p>

    Reuters<\/p>

    Turkish Competition Authority-related legal summaries<\/p>

    Turkish Law Blog<\/p>

    Borusan Holding<\/p>

    CEVA (press release, 25 Apr 2025):<\/p>

    https:\/\/www.cevalogistics.com\/en\/news-and-media\/newsroom\/press-release\/ceva-logistics-signs-deal-to-acquire-borusan-tedarik<\/em><\/h6>

    Reuters (27 Apr 2025):<\/p>

    https:\/\/www.reuters.com\/markets\/deals\/french-cma-cgm-acquire-turkish-borusans-logistics-subsidiary-440-mln-deal-2025-04-27\/<\/em><\/h6>

    Concurrences summary (28 Oct 2025):<\/p>

    https:\/\/www.concurrences.com\/en\/bulletin\/news-issues\/october-2025\/the-turkish-competition-authority-conditionally-approves-a-merger-in-the<\/em><\/h6>

    Turkish Law Blog (Oct 2025 competition update):<\/p>

    https:\/\/turkishlawblog.com\/insights\/detail\/quick-read-competition-law-updates-in-turkiye-october-2025<\/em><\/h6>

    CEVA public disclosure (Nov 2025 commitments):<\/p>

    https:\/\/www.cevalogistics.com\/en\/news-and-media\/newsroom\/public-disclosure-ceva-logistics-acquisition-of-borusan-tedarik<\/em><\/h6>

    Borusan announcement (completion, 5 Nov 2025):<\/p>

    https:\/\/www.borusan.com\/en\/news\/borusan-tedarik-s-acquisition-by-ceva-logistics-has-been-completed<\/em><\/h6>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    Russia: Changes to the Platon Toll System from 1 March 2026<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    \u00a0On <\/span>27 November 2025, the Government of the Russian Federation signed Resolution No. 1901 <\/span>\u201cOn Amendments to Certain Acts of the Government of the Russian Federation.\u201d<\/span><\/em><\/h5>

    This resolution amends Resolution of the Government of the Russian Federation No. 1191 dated <\/span>3 November 2015<\/b>, <\/span>\u201cOn Certain Issues Related to the Collection of Charges to Compensate for Damage Caused to Federal Public Roads by Vehicles with a Permitted Maximum Weight Exceeding 12 Tons.\u201d<\/b><\/p>

    According to the adopted resolution, from 1 March 2026<\/b><\/span>, the reduction coefficient applied to the toll rate will change from 0.51 to 0.75<\/b><\/span>.<\/p>

    As a result, from 1 March 2026<\/b><\/span>, the actual charge in the state Platon<\/b><\/span> system will amount to 5.19 rubles per 1 km<\/b><\/span> of travel.<\/p>

    The current actual charge, valid until that date, is 3.53 rubles per 1 km<\/b><\/span>.<\/p>

    The base charge was established back in 2015 and amounts to 3.73 rubles per 1 km<\/b><\/span>. The reduction coefficient was introduced as a temporary measure at the launch of the Platon project in 2015 to help the freight transport industry adapt, and it has not changed since then.<\/p>

    At the same time, it is important to take into account the pace of development in the transport sector. Growing road traffic from vehicles weighing more than 12 tons has the strongest impact on the integrity of road surfaces. Revenues paid by heavy vehicles into the federal road fund through the Platon system are used to maintain road quality, build new roads, and construct bridges.<\/p>

    More information<\/em><\/span><\/h5>

    Ministry of Transport of the Russian Federation:<\/p>

    https:\/\/mintrans.gov.ru\/press-center\/news\/12326?ysclid=mimubyqw33951740581<\/p>

    Information on the tariff amount is available at:<\/p>

    platon.ru, in the \u201cTariffs and Conditions\u201d<\/b><\/span> section.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Mergers and Expansion in T\u00fcrkiye\u2019s Logistics Market: The Lesson from CMA CGM and Borusan \u00a0 \u00a0 \u00a0French group CMA CGM, through its logistics arm CEVA Logistics, agreed to acquire 100% of Borusan Tedarik, Borusan\u2019s logistics division, for $440 million, subject to ordinary net cash and working capital adjustments. The transaction became one of the most […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[172,173,174],"class_list":["post-3253","post","type-post","status-publish","format-standard","hentry","category-blog-en","tag-important-events-and-achievements-of-our-company-here-we-publish-information-about-new-projects","tag-partnerships-and-internal-initiatives","tag-that-shape-our-development"],"_links":{"self":[{"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/posts\/3253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/comments?post=3253"}],"version-history":[{"count":4,"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/posts\/3253\/revisions"}],"predecessor-version":[{"id":7814,"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/posts\/3253\/revisions\/7814"}],"wp:attachment":[{"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/media?parent=3253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/categories?post=3253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/betainvest.ee\/en\/wp-json\/wp\/v2\/tags?post=3253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}