Billionaire businessman Peter Muthoka sold his airport services firm Transglobal Cargo Centre (TCC) for close to twice the assets it was holding, indicating the lucrative nature of the deal that saw him earn $40.1 million (Sh5.2 billion) from Turkish firm Celebi Ground Handling.
His profit amounted to Sh2.5 billion in the transaction.
The multinational disclosed in its latest annual report that TCC had tangible assets equivalent to 833.2 million Turkish Lira on December 23, 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 percent.
The multinational has captured the premium of 798.9 million Turkish Lira as goodwill -the price paid in excess of TCC’s assets.
The transaction, which was settled in US dollars, shows the multinational’s willingness to pay a premium equivalent to $19.6 million (Sh2.5 billion) to take 100 percent control of an established business which has operated at the 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 USD 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 earlier 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 told this publication when the deal was announced, adding that part of the sales proceeds was used to repay debt that TCC used 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 empire has 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 its local assets including a fleet of trucks and warehousing facilities. The company’s major clients have included motor vehicle dealers and telecommunications operators.
The buyout of TCC marks the second public exit transaction for Mr Muthoka who received Sh1.8 billion in 2014 for his 24.7 percent 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 percent market share, followed by Kenya Airways Cargo at 22 percent according to the Competition Authority of Kenya (CAK).
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. 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 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.
Shipping firm MSC Group spent $6.1 billion (Sh786.8 billion) in 2022 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 that purchased Rongai Workshop and 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 bullish on Kenya’s logistics market, noting that it is buying a company with established operations.