Turkey’s Yilport Holding acquires Portuguese firm Tertir’s ten port terminals
Turkey-based Yilport Holding has entered into an agreement with Portugal's Mota-Engil Group and Novo Banco to acquire Tertir, a port management company, in the biggest investment ever by a Turkish company in Portugal.
Under the deal, Yilport Holding will take over the company's portfolio of port terminals comprising of seven in Portugal that include the concessionaires Liscont and Sotagus, in the Port of Lisbon; TCL in the Port of Leixões; Socarpor in Aveiro with two concessions; Sadoport and Tersado in Setubal and a Liscont operation in Figueira da Foz.
Yilport will also acquire the port terminals in Spain including the Ferrol Container Terminal in Galicia and Concasa in Huelva, Andalucía along with a 50% stake in Terminales Portuarios Euroandinos in Port the of Paita, Peru.
Additionally, it will operate and manage Tertir's forwarder / support services businesses located across Europe and Latin America.
The transaction is expected to close by the end of this year and is subject to certain conditions, including relevant regulatory approvals.
Yilport Holding chairman Robert Yuksel Yildirim said: "Since entering the port operation and management business in 2005, Yilport has become a global port terminal operator and continues to make steady progress in this sector.
"As a result of its investments in Turkey and abroad in recent years, Yilport Holding has become the foremost port operating company in Turkey and the only Turkish company to be included in the Top 20 International Container Terminal Operators."
The acquisition will bring Yilport's global portfolio of port assets in seven countries in Europe and Latin America to a total of 17.
Currently, Yilport has a container-handling capacity of 2.7m TEUs and an annual capacity of approximately 4.5m tonnes for its two break bulk and grain terminals.
With the new acquisition, Yilport's total container-handling capacity will rise to 10m TEU.
According to the company, Yilport Holding is expected to be ranked amongst the world's top 20 international container terminal operators with the latest acquisition.
Image: A shipping port. Photo: courtesy of Yilport Holding Inc.