The European Bank for Reconstruction and Development (EBRD) has acquired a minority stake of the Turkish port operator Global Ports Holding (GPH).

GPH is a cruise port operator with an established presence in the Mediterranean and Asia-Pacific regions, including extensive commercial port operations in Turkey and Montenegro. GPH became the world's largest cruise port operator following its acquisition of Spanish cruise port operator Creuers. The firm operates a portfolio of 8 ports in 5 countries.

The proceeds of the bank's investment will be used to finance the company's future investments in ports in countries where the EBRD invests. GPH's expansion abroad will promote integration among ports and create network synergies, as well as helping to further consolidate the company's position in the international market.

As a shareholder, the EBRD will nominate a member for the board of GPH and will help further advance the company's corporate governance, making it more competitive both in Turkey and abroad.

Sue Barrett, EBRD Director for Transport, said:

"We are pleased to provide an important funding boost to Global Ports as it seeks to expand and broaden its horizons along the Mediterranean before a landmark listing."

Mehmet Kutman, Chairman of Global Ports, said:

"I am honoured to follow the footsteps of the founder of GPH, Gregory M. Kiez, by welcoming the EBRD as our partner, which will support our expansion plan, especially in the cruise port arena where our company is the leading operator worldwide."

We have recently reported that GPH reached an agreement to acquire a 30.79% stake in Maltese terminal operator Valletta Cruise Port (VCP). Under the transaction GPH will acquire operational rights of the Valetta Cruise Port, along with around 48,000 m² of associated land and buildings.