EuropeGreater ChinaPorts and Logistics

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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button