Qatar’s QTerminals has signed sale and purchase agreement with Global Ports Holding, the world’s largest independent cruise port operator, for the acquisition of Port Akdeniz in Turkey for an enterprise value of $140m.
“Global Ports Holding Plc is pleased to announce that following a period of exclusive negotiations it has entered into a conditional sale and purchase agreement to sell Ortadoğu Antalya Liman Işletmeleri (“Port Akdeniz”) to QTerminals W.L.L., a Qatari commercial port operating company, for an enterprise value of $140m,” said Global Ports Holding in a regulatory filing to the London Stock Exchange.
QTerminals is a terminal operating company jointly established by Qatar Ports Management Company (Mwani) and Qatar Navigation (Milaha) to provide port services to Hamad Port.
Port Akdeniz, Global Ports Holding’s largest commercial port concession, operates Port Akdeniz-Antalya in Turkey, under a concession agreement which runs until August 2028.
Port Akdeniz-Antalya is a leading commercial cargo export port in Turkey, currently specialising in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East.
The deal is subject to clearance from Turkish government authorities and is expected to conclude by the fourth quarter of this year.
“The sale remains conditional, inter alia, upon obtaining certain regulatory clearances and approvals from various Turkish governmental authorities.
The timing of the closing process is uncertain but could be concluded as early as Q4 2020, however there can be no certainty as to the final outcome. A further announcement will be made when it is appropriate to do so,” said the company in the filing.
Earlier this year, QTerminals had won concession for Port of Olvia in Ukraine. Under the concession, which represents an exceptional opportunity on developing and operating world ports, QTerminals will invest some $120m in the port during the concession term of 35 years.
According to Global Ports Holding, in the year ended December 31, 2019, Port Akdeniz reported container throughput volumes of 150,900 TEU and general and bulk cargo volumes of 589,000 tonnes, generating revenue of $47.5m and EBITDA (earnings before interest, taxes, depreciation, and amortization) of $37.4m.
