The world's largest independent cruise port operator - Global Ports Holding Plc (GPH) - announced that following a period of exclusive negotiations it had entered into a conditional sale and purchase agreement to sell Ortadogu Antalya Liman Isletmeleri (“Port Akdeniz”) to QTerminals (Qatar-based commercial port operator), for the enterprise value of USD 140 million.
The largest commercial port concession of GPH, Port Akdeniz, operates Port Akdeniz-Antalya in Turkey, under a concession agreement running until August 2028.
The transaction remains conditional, "inter alia", upon obtaining regulatory clearances and approvals from a variety of Turkish governmental authorities. The closing process' timing is uncertain and could be concluded as early as Q4 2020, but there can be no certainty about the final outcome.
Successful closing of the sale will be a major element of the GPH’ refinancing strategy for the US$250 million Eurobond due November 2021. The board of Global Ports Holding believes the proposed disposal would also allow the GPH board and senior management "to focus time and resources on continued investment into further growth opportunities in the global cruise port market."
According to Global Ports Holding’s CEO, Emre Sayın, the move was fully aligned with their strategy to become a pure-play global cruise port operator and they would continue to pursue growth and innovation in the cruise port market. The proceeds of the sale would "eventually turn into ammunition for GPH to strengthen its financial position and to expand in a market where it has a competitive advantage and an unparalleled know-how.”