CEVA Logistics wraps up Borusan Tedarik buy for $383 million

France's CEVA Logistics has completed its acquisition of Turkish logistics provider Borusan Tedarik from Borusan Yatirim for $383 million, the Turkish conglomerate said in a stock market filing on Wednesday.

Marseille-based CEVA, a subsidiary of French shipping group CMA CGM, said in April that buying Borusan Tedarik would nearly double its Turkish warehousing and distribution presence. CMA CGM is the world's third-largest container line.

Borusan Yatirim, the listed investment arm of the Borusan Group, said in the filing that payments had been made to shareholders under the deal, which was first announced in April at a value of $440 million.

CEVA provides end-to-end contract logistics and air, ocean, ground and finished vehicle transport in 170 countries, with around 110,000 employees at more than 1,500 facilities.