Yilport Holding is set to acquire a controlling 35% stake in the operator of Ghana’s Takoradi port from the Africa Finance Corporation (AFC), as announced by both parties on Thursday.
AFC did not reveal the financial terms of the transaction, but they stated that they have successfully divested their $138 million investment in Atlantic Terminal Services Limited with a double-digit return.
The agreement, which represents Yilport’s broader expansion into Africa following its initial investment in Takoradi in January, serves as a testament to their capability to attract external capital and mitigate investment risks in African infrastructure, according to the statement.
“This serves as a strategic gateway for us to establish our presence in the African market,” Robert Yuksel Yildirim, Yilport’s chief executive, said in a statement.
Yilport Holding operates as a subsidiary of the Yildirim Group, with headquarters in both Amsterdam and Istanbul.
Yilport’s investment in Takoradi signifies its initial foray into competition with companies like DP World, the Dubai-based firm known for its extensive investments in various ports across Africa in recent years.
In 2021, DP World unveiled a plan to collaborate on an investment of up to $1.72 billion in logistics infrastructure across Africa in partnership with CDC Group, the development finance agency of the United Kingdom.
Takoradi, a seaport located in Ghana’s western region, plays a crucial role as a conduit between western and central Ghana, as well as neighboring landlocked countries. This is facilitated through a container and multipurpose terminal at the port. Yilport has expressed its intention to transform the port into a strategic logistics and trading hub for the region.
Ibistek and Ghana Ports & Harbours Authority will retain their ownership stakes in Takoradi, with 19% and 30%, respectively.
