CEVA Corporate Services, a subsidiary of French shipping giant CMA CGM, has signed an agreement to acquire BRYAT, a unit of Turkish conglomerate Borusan, for $440 million.

Borusan Yatirim stated in a filing to the stock exchange that the final price will be subject to customary net cash and working capital adjustments. The deal is also contingent on approvals from competition authorities and other relevant regulatory bodies.

Borusan Tedarik operates the largest port in Turkey’s industrial hub of Gemlik, capable of handling 1,500 vessels and approximately 400,000 twenty-foot equivalent units (TEUs) annually.

CMA CGM, headquartered in Marseille, France, is the world’s third-largest container shipping company. It offers comprehensive end-to-end logistics solutions — including air, sea, road, and vehicle transport — across 170 countries, with approximately 110,000 employees and over 1,500 facilities worldwide.

According to CEVA, the acquisition of Borusan Tedarik will nearly double its warehousing and distribution capacity in Turkey, adding around 570,000 square meters to its current 620,000 square meters.

In a statement on its website, CEVA said the acquisition will also enhance its domestic ground transport operations, with the combined business expected to handle nearly 1 million domestic shipments annually. Additionally, Borusan Tedarik’s network will strengthen CEVA’s connectivity with Europe.

CEVA highlighted that Borusan Tedarik’s strong ties to the automotive industry will help elevate CEVA’s finished vehicle logistics (FVL) business to one of the top three in Turkey. The acquisition is also expected to increase CEVA’s ocean freight capacity by 25% and bring its air freight operations into the top five in Turkey.