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Global Ports Holding to sell Port Akdeniz for $140m enterprise value

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The closing process could be concluded by the end of the year
Global Ports Holding (GPH) has entered into a conditional sale and purchase agreement to sell Turkey’s Ortadoğu Antalya Liman Işletmeleri (Port Akdeniz) to Qatari-based QTerminals.

The resulting enterprise value is $140m but remains conditional, inter alia, upon obtaining regulatory clearances and approvals from Turkish governmental authorities.

The timing of the closing process could be concluded as early as Q4, 2020.

Port Akdeniz, which is GPH’s largest commercial port concession, currently operates Port Akdeniz-Antalya in Turkey under a concession agreement which runs until August 2028. 

GPH strategy

A successful closing of the sale will be a factor in the GPH refinancing strategy for the $250m Eurobond, due November 2021.

‘This move is fully aligned with our strategy to become a pure play global cruise port operator and we will continue to pursue growth and innovation in the exciting cruise port market’, commented Emre Sayin, ceo, Global Ports Holding. 

He added that ‘the proceeds of the sale will eventually turn into ammunition for GPH to strengthen its financial position and to expand.’

 

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