The French container transportation and shipping company, CMA CGM has been given all regulatory approvals required pertaining to their investment in leading asset-light third-party logistics provider CEVA Logistics. The new investment will result in CMA CGM having a 24.99% stake as a shareholder in CEVA.
CMA CGM has obtained all the necessary regulatory approvals resulting in the securities being converted into registered ordinary shares over the next few days. After the conversion, the third largest container shipping group in the world will hold 24.99% of CEVA’s share capital.
CMA CGM has agreed not to increase their initial shareholding in CEVA for at least six months after the original IPO. The company has also entered into a lock-up agreement for one year following the IPO.
This new investment will allow both companies to work together in expanding their commercial cooperation while developing other complementary services with a focus on meeting the demand for integrated end-to-end solutions.
CEO for CEVA, Xavier Urbain said about the new investment, “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.”