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CMA to take stake in logistics giant Ceva
[ April 26, 2018 // Chris ]CMA CGM has reached an agreement to acquire a stake of nearly 25% in Ceva Logistics for between 380 and 450 million Swiss francs £276m-327.5m). The shipping line said it aimed to grow its presence in the logistics sector, a business closely related to shipping.
Closing of the transaction remains subject to the completion of Ceva’s recently-announced IPO as well as regulatory approval.
Ceva is the currently the fifth global player in contract logistics, managing more than 9m sq metres of warehouses in more than 750 sites in the world. It is also ranked tenth in the world in freight forwarding, with a strong footprint in Asia. It has long-standing blue-chip customers in the automobile, consumer and retail (including e-commerce), industrial & aerospace, technology and healthcare sectors.
CMA CGM will nominate two members to Ceva’s board of directors and the two companies have agreed to explore potential opportunities to work together towards the development of joint commercial offerings.
CMA chairman and chief executive Rodolphe Saadé said: “CEVA is a major player in the logistics business, which is closely related to the shipping industry. Together, the two companies will also explore possible cooperations allowing us to propose an ever more differentiated and qualitative offering while integrating services beyond maritime transport.”