Turkey’s Yilport Holding has reached an agreement with Portugal’s Mota-Engil Group and Novo Banco to acquire 100% of the shares of the Portuguese port management company Tertir and its portfolio of eight container and two break bulk and grain terminals, as well as its forwarder/support services businesses located across Europe and Latin America.
The deal is said to set Yilport back over EUR 330 million (USD 370m), and is the biggest investment into Portugal made by a Turkish company, according to Yilport.
Tertir owns and operates seven port terminals in Portugal, two in Spain and one in Peru. The company’s eight container terminals have an annual handling capacity of 2.7 million TEUs and the two break bulk and grain terminals have an annual capacity of approximately 4.5 million tons.
The port terminals in Portugal include the concessionaires Liscont and Sotagus, in the Port of Lisbon; TCL in the Port of Leixões (Oporto); Socarpor in Aveiro with two concessions; Sadoport and Tersado in Setúbal and a Liscont operation in Figueira da Foz.
The port terminals in Spain include the Ferrol Container Terminal in Galicia and Concasa in Huelva, Andalucía.
As a result of this investment, Yilport will also own a 50% share of the Terminales Portuarios Euroandinos in Port the of Paita, Peru, the second largest port in terms of container movements and the main port in the north of the country.
The transaction is expected to close by the end of this year and is subject to certain conditions precedent, including relevant regulatory approvals.
Following the completion of this acquisition, Yilport Holding will reach a total annual container handling capacity of 10 million TEUs and an annual dry bulk handling capacity of 22 million tons, whilst maintaining its current capacities for liquid cargo and Ro-Ro operations.
“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,” Yilport Holding’s Chairman, Robert Yuksel Yildirim said.
Going forward, Yilport plans to reinforce its commitment and investment in Tertir’s port terminals in order to increase its competitiveness, inducing higher levels of container movements and business flow.