Turkey's Global Yatirim takes full control of port unit.
M2 EQUITYBITES-February 8, 2013-Turkey's Global Yatirim takes full control of port unit(C)2013 M2 COMMUNICATIONS http://www.m2.com
8 February 2013 - Turkish investment holding company Global Yatirim Holding AS (IST:GLYHO) announced it had taken full control of local port operator Global Ports Holding (GPH) after buying back the 22.1% stake it sold to Italian investor VEI Capital SpA in 2011.
Global Yatirim, also known as Global Investment Holdings (GIH), has paid USD91.7m (EUR68.4m) in cash as part of the transaction. According to GIH's CFO Kerem Eser, the move would positively affect the group's profitability in view of the substantial improvements in Turkey's macro-economic fundamentals and the subsequent rise in investor interest.
VEI Capital, which is part of Italian investment group Palladio Finanziaria, acquired its GPH minority stake in July 2011 in a deal that valued the entire company at USD415m.
GPH is the only sector company in the country that operates three key ports in cruise and commerce segments, namely the Port of Akdeniz, Ege Ports and Bodrum Cruise Port. Its CEO, Saygin Narin, also commented on the fresh transaction, saying his firm intends to add overseas ports to its portfolio and is currently targeting entities in the Mediterranean basin and destinations in Adriatic, Africa and Central America.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 8, 2013|
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