View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 22, 2020updated 09 Mar 2022 11:42am

Global Ports to sell Turkey’s Port Akdeniz in $140m deal

Global Ports Holding (GPH) has agreed to sell Turkish company Ortadogu Antalya Liman Isletmeleri (Port Akdeniz), which operates the Akdeniz-Antalya port, for $140m to Qatar-based QTerminals.

Global Ports Holding (GPH) has agreed to sell Turkish company Ortadogu Antalya Liman Isletmeleri (Port Akdeniz), which operates the Akdeniz-Antalya port, for $140m to Qatar-based QTerminals.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

In its regulatory statement, the British cruise port operator said that the net cash proceeds from the deal at closing will be calculated by subtracting net debt of Port Akdeniz, as well as paying transaction-related costs and taxes.

QTerminals will withhold a small portion of the purchase price and will pay it 12 months after the closure of the transaction.

Subject to regulatory approvals and clearances from Turkish authorities, Global Ports expects to complete the deal in the fourth quarter of this year.

Akdeniz-Antalya port is being operated by Port Akdeniz under a concession agreement, which will expire in August 2028. The Turkish port specialises in handling cargo containers and general and bulk cargo.

Last year, Port Akdeniz reported container throughput volumes of 150.9k twenty-foot equivalent units (TEU) and General and Bulk cargo volumes of 589,000t, generating a revenue of $47.5m and EBITDA of $37.4m.

Global Ports Holding chairman and co-founder Mehmet Kutman said: “Port Akdeniz has been an integral part of GPH since 2006, and it has played a pivotal role in the successful development of the group over the years.

“However, as GPH continues to pursue growth in the exciting cruise port market, it is now time for the stewardship of Port Akdeniz to pass to an organisation that is primarily focused on the commercial port market.”

The conditional agreement follows the Strategic Review announced by GPH board in July last year and its announcement in March that it entered into exclusive negotiations over the sale of Port Akdeniz.

Related Companies

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology