Global Ports Holding (GPH) has announced 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 $140 million, according to a press release.

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 on certain regulatory clearances and approvals from various Turkish governmental authorities. 

A successful closing of the sale will be an important element of the GPH’ refinancing strategy for the $250 million Eurobond due November 2021. 

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.”