China Merchants-led joint venture buys Turkish container terminal

Chinese state-owned terminal operator China Merchants Holdings International (CMHI) is to acquire a 65% equity interest, worth US$940m, in Turkey’s Kumport Terminal as part of a consortium, in a move that furthers China’s “one belt, one road” strategy.

The Tripartite Consortium , which is a Luxembourg-registered joint venture made up of CMHI, Chinese terminal operator Cosco Pacific and China’s sovereign wealth fund CIC Capital Corporation, entered into a sale and purchase agreement on Wednesday (16 September) with the Istanbul-based Fina Holding A.S., which currently owns the stakes, and its individual shareholders.

Kumport, which is located within the Ambarli Port Zone on the northwest Marmara Sea, is the third largest container terminal in Turkey and is capable of accommodating the world’s largest container vessels currently.