The Turkish conglomerate Borusan Yatirim announced in a Wednesday stock exchange filing that France's CEVA Logistics had completed the acquisition of Turkish logistic provider Borusan Tedarik for $383m from Borusan Yatirim.

CEVA of Marseille, a subsidiary in the French shipping group CMA CGM said that by purchasing Borusan Tedarik, it would almost double its Turkish warehouse and distribution presence. CMA CGM, the third largest container line in the world, announced its acquisition of Borusan Tedarik in April.

Borusan Yatirim (the listed investment arm of Borusan Group) said in a filing that payments were made to the shareholders of the deal. The deal was announced initially in April and valued at $440 million.

CEVA is a global leader in contract logistics, air, ocean, and ground transport, and has more than 110,000 employees working at over 1,500 locations. (Reporting and editing by Alexander Smith; Canan Sevgili)

(source: Reuters)