Provided exclusively by Mergermarket, an Acuris Company
Yildirim Group, the Turkish conglomerate active in mine and port management, has mandated China Citic Bank to sell its stake in the French CMA CGM to rise funds to acquire the New Jersey-based terminal operator Ports America, a newswire report said.
According to Bloomberg, which cited Yildirim chairman Yuksei Yildirim, the Istanbul-based company is in exclusive talks with Ports of America owner Oaktree Capital, which holds the company through its PE unit Highstar Capital. The exclusivity agreement expires in July and Yildirim hopes to close a deal by year-end, the item said.
Yildirim has USD 1.7bn to finance an offer, but is seeking a financial partner for the transaction, the report said.
Yildirin’s stake in CMA CGM, acquired in 2010 and 2011 for USD 600m, is currently worth USD 2.5bn-USD 3bn, according to the report.
As seen in the mergermarket, an Acuris company, newsletter on 06/07/2017
