Cosco acquires stake in Turkish port through joint venture

A Chinese partnership that includes Cosco Pacific is now expanding in Europe by acquiring a stake in Turkey's Kumport Terminal.

Photo: Århus Havn

Through company Euro-Asia Oceangate, Chinese terminal operator Cosco Pacific has joined forces with China Merchants Holdings International (CMHI) and CIC Capital to acquire a stake in Turkish Kumport Terminal, the third-largest container terminal in Turkey, reports Seatrade Maritime.

The three companies in the joint venture will acquire a 64.5 percent stake from Fina Liman, the port's holding company, and 1.3 percent of the port itself. The 64.5 percent from Fina Liman are expected to cost USD 940.2 million. Cosco Pacific and CMHI each own 40 percent of Euro-Asia Oceangate, while CIC Capital owns the remaining 20 percent.

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