Yilport Holding will buy a controlling 35% stake in the operator of Ghana’s Takoradi port from Africa Finance Corporation (AFC), the two parties said on Thursday.
AFC did not disclose the value of the deal, but said it exited its $138 million investment in Atlantic Terminal Services Limited at a double digit return.
It cited the deal, which expands Yilport’s first foothold in Africa after an initial investment in Takordi in January, as an example of its ability to attract third-party capital and de-risk investment in African infrastructure.
“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 is a subsidiary of Amsterdam and Istanbul-based Yildirim Group.
The Takoradi investment marks Yilport’s first competition with the likes of DP World, the Dubai firm that has been investing in a string of ports across Africa in recent years.
In 2021, DP World announced a plan to jointly invest up to $1.72 billion in logistics infrastructure in Africa with CDC Group, Britain’s development finance agency.
Takoradi, a seaport in Ghana’s western region, serves as a gateway between west and central Ghana and neighbouring landlocked countries through a container and multipurpose terminal at the port. Yilport said it would make the port a logistics and trading hub for the region.
Ibistek and Ghana Ports & Harbours Authority will remain the other stakeholders in Takoradi, with 19% and 30% respectively.
