Yilport Buys Tertir in Record Turkish Deal in Portugal

  • Deal marks record investment by a Turkish company in Portugal
  • Yilport seeks to become top-10 port operator by 2025

Yilport Holding AS acquired port operator Tertir-Terminais de Portugal and its units for in the biggest investment by a Turkish company in the Iberian nation.

Yilport Holding, a port operator unit of closely held Yildirim Group, bought the assets from Mota-Engil SGPS SA and Novo Banco SA, the Istanbul-based company said in an e-mailed statement Wednesday. Yilport will pay 275 million euros ($308 million) to Mota-Engil for its stake and an unspecified amount to Novo Banco, the company said in an e-mailed statement on Wednesday.

The deal includes seven ports in Portugal, two in Spain and a 50 percent share of a port in Peru. The facilities have annual handling capacity of 2.7 million TEUs of containers and 4.5 million metric tons of bulk and grain, Yilport said.

Yildirim Group, which also has interests in mining, energy, construction and real estate, has been expanding its business mostly through acquisitions in Malta, Sweden, Russia, Colombia and Turkey. It aims to increase annual sales to about $5 billion by 2023 from $1.2 billion in 2014 to become one of the top 10 port operators by 2025, Chairman Yuksel Yildirim has said.

Portugal “has enormous potential to benefit from the anticipated increase in trade via the Panama Canal and Yilport considers that the important geo-political relations of the country with Africa and Latin America will generate significant future business opportunities,” Yilport said in the statement.

The Tertir acquisition will bring to 17 Yilport’s global portfolio of port assets in seven countries in Europe and Latin America. Its total container-handling capacity will rise to 10 million TEUs and dry-bulk handling capacity to 22 million tons, Yilport said. It’s the biggest investment by a Turkish company in Portugal, data compiled by Bloomberg show.

VTB Capital and Banco Finantia advised Yilport on the deal, while Erdem & Erdem and Albuquerque & Associados acted as legal advisers.

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