(NAIROBI, KENYA) – Kenyan businessman Peter Muthoka earned a profit of KES 2.5 billion ($19.3 million / GBP 14.8 million) from the sale of his airport services firm Transglobal Cargo Centre (TCC) to Turkish ground handling company Celebi, after selling the business for close to twice the value of its assets.
The deal saw Mr Muthoka receive $40.1 million (KES 5.2 billion / GBP 31 million) from Celebi Ground Handling, highlighting the premium international buyers are willing to pay for established logistics operations at East Africa’s busiest airport.
The multinational disclosed in its latest annual report that TCC held tangible assets equivalent to 833.2 million Turkish Lira on 23rd December 2025, when it acquired the Kenyan firm through its Frankfurt based subsidiary Çelebi Cargo GmbH.
The total purchase consideration was higher at 1.63 billion Turkish Lira, representing a premium of 95.8%.
Celebi captured the premium of 798.9 million Turkish Lira as goodwill, meaning the amount paid above the value of TCC’s assets.
The transaction, settled in US dollars, shows the multinational’s willingness to pay a premium equivalent to $19.6 million (KES 2.5 billion / GBP 15.1 million) to take full control of a business that has operated at Jomo Kenyatta International Airport (JKIA) for many years.
“Çelebi Cargo GmbH located in Frankfurt, acquired all shares held by the principal shareholder of Transglobal Cargo Centre Ltd (TCC), a company providing ground handling, air cargo, and warehouse services at Jomo Kenyatta International Airport, on 23 December 2025, for a consideration of $40.1 million (EUR 34.5 million), in line with the company’s international growth strategies and to enhance synergy among group companies,” the multinational said.
Mr Muthoka said he decided to sell TCC, which traded as Africa Flight Services (AFS), to invest in other areas.
“I have done my best in this business and I want to invest in other things. We have the best service and equipment,” Mr Muthoka said when the deal was announced, adding that part of the proceeds was used to repay debt TCC had taken on to upgrade its facilities.
He noted that he still maintains a presence in the logistics business through his other firm, Acceler Global Logistics Limited, which offers freight services.
The businessman’s logistics operations have been concentrated at JKIA, with Acceler Global Logistics and the now sold TCC both operating from the airport’s cargo side.
Acceler offers international freight services through partnerships and local assets including a fleet of trucks and warehousing facilities. Its major clients have included motor vehicle dealers and telecommunications operators.
The buyout of TCC marks the second public exit for Mr Muthoka, who received KES 1.8 billion ($13.9 million / GBP 10.7 million) in 2014 for his 24.7% stake in motor vehicle dealer CMC Holdings when it was acquired by Dubai’s Al Futtaim.
Celebi said the acquisition of TCC gives it an opportunity to grow in Kenya’s busy logistics hub.
Transglobal is the leader in ground cargo handling at JKIA in terms of exports with a 33% market share, followed by Kenya Airways Cargo at 22%, according to the Competition Authority of Kenya (CAK).
The firms switch positions on the imports side, with Kenya Airways Cargo leading with a 32% market share and Transglobal following at 20%.
Other players in the sector include Siginon Group, Swissport and Mitchell Cotts. The companies are involved in moving and managing goods from the point they arrive at the airport until they are dispatched to their next destination.
CAK said Celebi is expected to make additional investments in Transglobal’s operations after the acquisition.
Kenya’s logistics firms have attracted international buyers over the past decade, with the country seen as a major regional hub amid growing volumes of imported and exported goods.
Shipping firm MSC Group spent $6.1 billion (KES 786.8 billion / GBP 4.7 billion) in 2022 to acquire Bollore Africa Logistics’ operations, including its freight services in Kenya.
Other multinationals that have entered Kenya through buyouts include Mauritius’ Rogers Group, which purchased Rongai Workshop & Transport Limited in 2023 for an undisclosed sum.
Dubai’s Aramex acquired Kenya’s OneWorld Courier and In Time Couriers in 2011. Celebi said it is confident about Kenya’s logistics market, noting that it is buying a company with established operations.