CMA CGM has 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”). The third largest container shipping group in the world 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 Logistics, a global asset-light third-party logistics company with approximately 56,000 employees , 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. Ceva generated revenue of USD 7 billion and adjusted EBITDA of USD 280 million in 2017.
