CMA CGM, a leading worldwide shipping Group, confirms its investment in CEVA Logistics (“CEVA”), a global leading player in the logistics sector, on the occasion of CEVA’s initial public offering (IPO).
The investment will take the form of convertible bonds, which will be converted into CEVA common shares, upon obtaining all the requisite regulatory approvals. CMA CGM’s investment will represent 24.99% of CEVA’s capital.
At an IPO price of 27.5 CHF per share, CMA CGM’s investment amounts to 379 million CHF.
this transaction, CMA CGM will expand its presence in the logistics
sector, which is closely related to shipping. The two companies have
agreed to explore together the development of joint commercial
offerings, according to terms to be defined in the coming months.
The investment will also give CMA CGM two seats on CEVA’s Board of Directors.
The European Commission said that the proposed acquisition would not raise competition concerns given its limited impact on the structure of freight forwarding, shortsea and deepsea container shipping markets. The deal was granted the green light on February 7.
Rodolphe Saadé, chairman-ceo of CMA CGM, said:”Once the takeover is completed, CMA CGM will become a 100,000-employee strong group, generating over USD30 bn in revenue.”