Cosco Pacific and China Merchants complete acquisition of Turkish container terminal

Cosco Pacific and China Merchants complete acquisition of Turkish container terminal

China Merchants Group has announced that together with Cosco Group it has signed a share transfer agreement with shareholders of Kumport in Turkey.

Under the agreements, the joint venture established by the two groups will acquire about 65.8% equity shares in Kumport for about for $939m.

Cosco Pacific, China Merchants Holdings International and CIC Captial jointly set up a joint venture in September for the acquisition of the equity.

Cosco Pacific said the board believes that Kumport Terminal, which is the third largest container terminal in Turkey, has good development prospects given the potential business synergy between Kumport Terminal and the company’s existing investment in Piraeus Container Terminal in Greece.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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