CMA CGM receives regulatory approvals for its investment in CEVA
Baar, Switzerland, 11 July, 2018 - CEVA Logistics A.G. ("CEVA"), one of the leading asset-light third-party logistics providers, announces that CMA CGM S.A. ("CMA CGM") has obtained all regulatory approvals required in connection with its investment in CEVA and will become a regular 24.99% shareholder in CEVA.
CMA CGM, the third largest container shipping group in the world, made a strategic investment in convertible securities issued by CEVA in a concurrent private placement at the time of CEVA's initial public offering on the SIX Swiss Exchange (the "IPO"). CMA CGM has now obtained all required regulatory approvals and the securities will be converted into registered ordinary shares in the coming days. Following conversion, CMA CGM will hold 24.99% of CEVA's share capital. CMA CGM has entered into a lock-up agreement for one year following the IPO and has agreed not to increase its shareholding in CEVA for six months post-IPO.
CEVA and CMA CGM will work together to expand their commercial cooperation and to develop complementary services, which address the increasing customer need for integrated end-to-end solutions. Both companies explore arms-length cooperation and believe that the partnership could create significant value to customers and would be mutually beneficial to both companies.
CEVA's CEO, Xavier Urbain, commented: "It is good news that regulatory approvals have been obtained so quickly and we can now fully engage. We are excited about the partnership with CMA CGM."
For additional information please contact:
SVP Investor Relations
+41 41 547 0048
SVP Corporate Development
+41 799 333 083
Tel: +44 (0)208 941 5381
CEVA - Making business flow
CEVA Logistics, a global asset-light third-party logistics company, designs and operates industry leading supply-chain solutions for large and medium-size national and multinational companies. Its integrated network in Freight Management and Contract Logistics spans more than 160 countries. Approximately 56,000 employees are dedicated to delivering effective solutions across a variety of industry sectors where CEVA applies its operational expertise to provide best-in-class services. CEVA generated revenue of $7 billion and adjusted EBITDA of $280 million in 2017. CEVA Logistics is listed on SIX Swiss Exchange under ticker symbol CEVA. For more information, please visit www.cevalogistics.com.