April 22, 2018 – CMA/CGM has announced it has reached an agreement to acquire an equity stake of nearly 25% of CEVA Logistics AG (“CEVA”), a large player in the logistics sector.
CMA/CGM 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 20th April 2018, and remains conditioned upon its successful completion.
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. The closing of the transaction remains subject to the completion of CEVA’s IPO as well as to the approval from regulatory authorities.
Canaan Transport Group Inc. is proud to remain an independent logistics firm in this era of consolidation. We urge our customers to verify that their freight and transportation partners have disclosed all potential conflicts of interests such as this case.