Finance & Capital Market

QTerminals acquires a 99.99pc stake in Akdeniz Port

QInvest, the leading investment bank in Qatar, has advised Qatari port operator, QTerminals, on the acquisition of a 99.99% stake in Turkey’s Akdeniz Port from Global Ports Holding (GPH), the world's largest independent cruise port operator.
Commenting on the transaction, Neville Bissett, CEO of QTerminals, said: “Akdeniz Port is an important strategic starting point for our expansion into Turkey. We are committed to developing and operating the Port to the highest levels of efficiency and safety. We share this success with our financial advisor, QInvest, who we thank for their invaluable help in guiding QTerminals through this milestone acquisition.”
Tamim Hamad Al-Kawari, Chief Executive Officer of QInvest, commented saying: “The success of this transaction is a testament to the efforts of all parties involved. We are pleased to have arranged this cross-border transaction for our client, QTerminals, and we look forward to partnering with them again on future mandates.”
He added: “Despite the challenging market conditions, QInvest continues to maintain an active investment book and a healthy pipeline of deals. Turkey represents a core strategic market for QInvest, and I’m confident that our track record, team and strategy operating across international markets will continue to provide investors with access to exciting investment opportunities over the coming months.”
Led by Hussein Fakhreddine, Head of Investment Banking, and Can Guclu, Head of QInvest Turkey, QInvest supported QTerminals’ first cross-border acquisition across all stages of the transaction.
Following his lead role on the successful transaction,  Fakhreddine commented: “QInvest is pleased to have advised QTerminals on their first cross-border acquisition. We would like to congratulate both teams on their herculean effort to get this acquisition signed regardless of the difficult global prevailing conditions.”
Located in Antalya, Akdeniz Port 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. Akdeniz Port will become the third port asset in QTerminals portfolio, joining its flagship Hamad Port in Qatar and its recent 35-year concession for the management and operations of Olvia Port in Ukraine.
The transaction is expected to complete in the coming months, subject to the approval of the Turkish Competition Authority’s (Rekabet Kurumu) and the fulfillment of other terms and conditions. -- Tradearabia News Service