GPH signs sale and purchase agreement for Port Akdeniz
Global Ports Holding Plc (“GPH”), the world’s largest independent cruise port operator, is pleased to announce that following a period of exclusive negotiations it has entered into a conditional sale and purchase agreement to sell Ortadoğu Antalya Liman Işletmeleri (“Port Akdeniz”) to QTerminals W.L.L. (“QTerminals”), a Qatari commercial port operating company, for an enterprise value of $140m.
Port Akdeniz, GPH’s largest commercial port concession, operates Port Akdeniz-Antalya in Turkey, under a concession agreement which runs until August 2028.
The transaction remains conditional, inter alia, upon obtaining certain regulatory clearances and approvals from various Turkish governmental authorities. The timing of the closing process is uncertain but could be concluded as early as Q4 2020, however there can be no certainty as to the final outcome.
A successful closing of the sale will be an important element of the GPH’ refinancing strategy for the $250m Eurobond due November 2021. While the board of Global Ports Holding believes the proposed disposal will 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.
Global Ports Holding’s CEO Emre Sayın said: “This move is fully aligned with our strategy to become a pure play global cruise port operator and we will continue to pursue growth and innovation in the exciting cruise port market. The proceeds of the sale will 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.”