Kenyan billionaire Peter Muthoka has sold his airport services firm, Transglobal Cargo Centre (TCC), to Turkish firm Celebi Ground Handling for $40.1 million (Sh5.2 billion). The deal, which was settled in US dollars, saw Muthoka earn a profit of Sh2.5 billion. TCC provided ground handling, air cargo, and warehouse services at Jomo Kenyatta International Airport (JKIA). The sale is Muthoka's second major exit transaction, following the sale of his 24.7 percent stake in motor vehicle dealer CMC Holdings in 2014.
According to Celebi's annual report, TCC had tangible assets equivalent to 833.2 million Turkish Lira on December 23, 2025, when the acquisition was made. However, the total purchase consideration was higher at 1.63 billion Turkish Lira, representing a premium of 95.8 percent. The premium of 798.9 million Turkish Lira was captured as goodwill – the price paid in excess of TCC's assets. This indicates that Celebi was willing to pay a significant premium to take control of the established business.
Muthoka had earlier stated that he decided to sell TCC to invest in other areas. He mentioned that part of the sales proceeds was used to repay debt that TCC used to upgrade its facilities. Muthoka still maintains a presence in the logistics business through his other firm, Acceler Global Logistics Limited, which offers freight services. Acceler Global Logistics operates from the same cargo side of JKIA as TCC and has partnerships and local assets, including a fleet of trucks and warehousing facilities.
The acquisition of TCC marks Celebi's entry into Kenya's busy logistics hub. Celebi said the deal gives it an opportunity to grow in the market. TCC is the leader in ground cargo handling at JKIA in terms of exports, with a 33 percent market share, followed by Kenya Airways Cargo at 22 percent. The firms switch positions on the imports side, with Kenya Airways Cargo leading with a 32 percent market share and Transglobal following at 20 percent.
Other players in the business include Siginon Group, Swissport, and Mitchell Cotts. These companies are involved in moving and managing goods from the point they arrive at the airport until they are dispatched to their next destination. The Competition Authority of Kenya (CAK) said Celebi is expected to make additional investments in Transglobal's operations post-acquisition.
Kenya's logistics firms have attracted international buyers in the past decade, with the country seen as a major regional hub amid growing volumes of imported and exported goods. In 2022, shipping firm MSC Group spent $6.1 billion (Sh786.8 billion) to acquire Bollore Africa Logistics's operations, including its freight services in Kenya. Other multinationals that have entered Kenya through buyouts include Mauritius' Rogers Group and Dubai's Aramex.
Celebi said it is bullish on Kenya's logistics market, noting that it is buying a company with established operations. The acquisition is part of Celebi's international growth strategies and aims to enhance synergy among group companies. With this deal, Celebi is set to expand its presence in the East African market, leveraging TCC's established operations and expertise in ground handling and air cargo services.
Key points
- Peter Muthoka sold Transglobal Cargo Centre to Celebi Ground Handling for $40.1 million, earning a profit of Sh2.5 billion.
- The acquisition gives Celebi an opportunity to grow in Kenya's busy logistics hub, with TCC having a 33 percent market share in ground cargo handling exports at JKIA.
- Kenya's logistics firms have attracted international buyers in the past decade, with the country seen as a major regional hub amid growing volumes of imported and exported goods.
