World’s third-largest container shipping company obtained all regulatory approvals to become a 24.99 percent shareholder in the asset-light third-party logistics provider.
CMA CGM, the world’s third-largest container shipping company, obtained all regulatory approvals required for its investment in CEVA Logistics, allowing it to become a regular 24.99 percent shareholder in the asset-light third-party logistics provider.
CMA CGM made an investment in convertible securities issued by CEVA in a concurrent private placement at the time of CEVA’s initial public offering (IPO) on the SIX Swiss Stock Exchange.
CEVA had completed the IPO and concurrent private placement with CMA CGM in May.
At an IPO price of 27.5 CHF per share, CMA CGM’s investment amounted to 379 million CHF.
CEVA said Wednesday the securities will be converted into registered ordinary shares in the coming days.
CMA CGM entered into a lock-up agreement for one year following the IPO and has agreed to not raise its shareholding in CEVA for six months post-IPO.
While CEVA had said the deal would strengthen its financial position, CMA CGM touted that the partnership would help expand its presence in the logistics sector.
“CEVA is the No. 5 player in contract logistics, providing end-to-end supply chain solutions, and managing more than 9 million sqm of warehouses in more than 750 sites in the world,” CMA CGM said. “It is also ranked 10th in the world in freight forwarding, with a strong footprint in Asia.”
CMA CGM investment in CEVA gets green light
