CMA CGM has obtained all the necessary regulatory approvals in connection with its investment in CEVA Logistics and will become a regular 24.99% shareholder in the logistics company.
According to CEVA, the two companies will work together to expand their commercial cooperation and to develop complementary services that address the increasing customer need for integrated end-to-end solutions. Both companies will explore arms-length cooperation and believe that the partnership will create significant value to customers and would be mutually beneficial to both companies.
“It is good news that regulatory approvals have been obtained so quickly and we can now fully engage,” said Xavier Urbain, CEO of CEVA Logistics. “We are excited about the partnership with CMA CGM.”
The French container shipping company, currently the world’s third-largest, 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 in May 2018.
The securities will be converted into registered ordinary shares in the coming days. CMA CGM has entered into a lock-up agreement for one year following the IPO and has agreed not to increase its shareholding for six months post-IPO, according to CEVA.