Yilport eyes Ports America

In-Depth 1 May 2016 by WCN Editorial

While Yilport is currently viewed as a second-tier global terminal operator (GTO), albeit the leading operator of container terminals in Turkey, Robert Yuksel Yildirim, the company’s chairman and CEO, has an ambitious and global business plan.

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His aim is to position Yilport as a “top 10” GTO by 2025, and he plans to spend up to US$200M a year on achieving this. Recently, the group acquired the remaining shares (20%) it did not already own in the Gävle Container Terminal in Sweden. The move also gives Yilport control of Baltic Sea Gateway, a company controlled by the city and which serves all cargo sectors in the port.

The rest of the year could see even bigger deals concluded. Yildirim is keen to establish a presence in the North American market, and appears to be in a good position to acquire a majority shareholding in Ports America Holdings. This company has been put up for sale by Highstar Capital, a unit of Oaktree Capital Management. It is the largest operator of ports in the US, with interests in more than 40 facilities.

With a valuation for Ports America likely to be in the US$2B-$2.5B range, WorldCargo News understands that Yildirim is discussing funding and partnership options for any such deal with a number of pension/infrastructure funds. It should be noted that CPP, one of Canada’s largest pension funds, already holds a 10% equity stake in Ports America.

At a corporate level, Yildirim would also like a sovereign or infrastructure fund to be involved. He is prepared to sell 20-30% of Yilport itself, believing this would give the group a more stable financial platform from which to expand.

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This complete item is approximately 300 words in length, and appeared in the May 2016 issue of WorldCargo News, on page 45. To access this issue download the PDF here.