According to a Turkish filing, CEVA Corporate Services, a subsidiary of French shipping giant CMA CGM, has agreed to buy Borusan Tedarik Zinciri Cozumleri ve Teknoloji's logistics division for $440m.

Borusan Yatirim stated in the filing on the stock exchange that the price was subject to adjustments for net cash flow and working capital. The deal is also subject to approval by the relevant competition authorities.

Borusan Tedarik is the operator of Turkey's largest port, Gemlik. It has a capacity of handling 1,500 ships per year and around 400,000 20-foot containers. CMA CGM, the third largest container line in the world, is based in France. Reporting by Mirac Dereli and Canan Svgili, Editing by Tuvan Gumbrukcu and David Evans

(source: Reuters)