CEVA Logistics has nnounced that CMA CGM has obtained all regulatory approvals required in connection with its investment in CEVA to become a regular 24.99 per cent shareholder.
CMA CGM is the third largest container shipping group in the world, 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 (IPO).
CMA CGM 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 per cent 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’s chief executive officer, Xavier Urbain said: “It is good news that regulatory approvals have been obtained so quickly and we can now fully engage. We are excited about the partnership with CMA CGM.”