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VTB Capital acted as financial advisor to China Merchants Holdings (International) who with consortium partners COSCO and CIC has announced the acquisition of a 65% stake in Kumport, a modern container terminal located on the European side of Istanbul, Turkey. The deal is the largest foreign investment from China into Turkey and the largest majority acquisition in Turkey in 2015.
Kumport is the third largest container terminal in Turkey with a 17% market share. Kumport is an important transport node situated along both the Silk Road Economic Belt and the 21st Maritime Silk Road of China.
CMHI is the largest public port operator in China and a leading operator worldwide. Given Turkey’s promising economic prospects, CMHI expects strong demand for container ports and logistics in the region.
Riccardo Orcel, Deputy CEO of VTB Group and Head of Global Banking at VTB Capital, commented: “We are proud to be a part of this landmark transaction, which became our second high-profile M&A mandate with a major Chinese client to be announced in September 2015. Earlier this month, VTB Capital acted as sole financial adviser to ChemChina in relation to Rosneft’s equity investment in CCPC. The fact that we have been involved in these major transactions demonstrates VTB Capital’s growing international capabilities, and in particular, our strong cross-divisional relationships in China, Turkey and the Middle East. These were critical to winning the mandate and executing the transaction”.
Peter Stonor, Head of Transport, Infrastructure and Industrials at VTB Capital, noted: “We are delighted to be the partner of choice for China’s leading public port operator on this important cross-border investment into Turkey’s infrastructure, which is in alignment with the One Belt One Road initiative. Our significant role in this transaction further strengthens VTB Capital’s global transportation and infrastructure franchise, having completed over 40 deals with an aggregate value of USD30bn in the last five years”.
Wei Chen, Head of China Coverage at VTB Capital, said: “The consortium of CMHI, COSCO and CIC represents one of the strongest business alliances in China. It is very important for us to have been named as financial advisor for the Chinese side of the transaction. This confirms our expertise in global investment banking and our track record across global markets, especially in China, which represents a core market for our international strategy.”
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