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.