Report: Yildirim to sell 24% stake in CMA CGM

Chairman Robert Yuksel Yildirim plans to sell his 24 percent stake in CMA CGM to acquire Ports America Holdings and become a leading global terminal operator, according to reports from multiple media outlets.    Turkey’s Yildirim Holding, chaired by Robert Yuksel Yildirim, has decided to sell its 24 percent stake in CMA CGM, according to reports from multiple media outlets.
   The company was reportedly mandated by China Citi Bank to find investors form Asia or the Persian Gulf, according to an interview with Bloomberg.
   “We will either exit our investment completely or remain as an ordinary shareholder,” said Yildirim.
   Yildirim invested $600 million to become a shareholder in CMA CGM between 2010 and 2011, and he estimates his stake is currently worth around $2.5 billion to $3 billion. The company in 2015 attemtped to sell its stake in CMA CGM back to the Saade family – the majority owners – but was unsuccessful.
   Yildirim plans to acquire Ports America Holdings in an effort to position itself among the world’s 10 largest terminal operators by 2025, reported TradeWinds. Ports America currently operates 42 locations on the U.S. Atlantic and Gulf costs, while Yildirim currently operates more than 20 terminals globally.
   Bloomberg reports that the acquisition of Ports America is slated for completion by the end of this year.