CMA CGM expands logistics presence with CEVA acquisition
April 20, 2018: CMA CGM has reached an agreement to acquire an equity stake of nearly 25 percent of CEVA Logistics AG.
Container shipping giant has committed to subscribe for mandatory convertible securities of CEVA in an estimated amount between 380 and 450 million CHF. These securities will be convertible into CEVA common shares subject to obtaining all required regulatory approvals. This equity investment takes place in connection with CEVA’s planned initial public offering on the SIX Swiss Exchange, announced on April 20, 2018, and remains conditioned upon its successful completion.
The logistics company posted revenues of over 7 billion dollars in 2017.
Following this equity investment, CMA CGM will nominate two members of CEVA’s Board of Directors.
“The two companies have agreed to explore potential opportunities to work together towards the development of joint commercial offerings, according to terms that will be defined in the coming months,” informs CMA CGM.
The closing of the transaction remains subject to the completion of CEVA’s IPO as well as to the approval from regulatory authorities.
Rodolphe Saadé, chairman and CEO of CMA CGM stated: “With this proposed investment in CEVA, CMA CGM makes a significant move, in line with its development strategy. CEVA is a major player in the logistics business, which is closely related to the shipping industry. Together, the two companies will also explore possible cooperations allowing us to propose an ever more differentiated and qualitative offering while integrating services beyond maritime transport.”