Turkish conglomerate Limak has moved into the ports business by acquiring a 36 year concession to operate the eastern Mediterranean gateway of Iskenderun.

Nihat Ozdemir (left) and Sezai Bacaks¿z.
Limak is financing the acquisition of the concession with a $425m loan over 13.5 years from a consortium of six banks.

Limak led by billionaire business partners Nihat Ozdemir and Sezai Bacaks¿z is paying the government $372m for the concession and is planning to invest the balance on developing a new container terminal.

Ports