CEVA Group has announced the completion of its merger with Eagle Global Logistics (EGL).
As a result of this merger transaction, EGL is now a wholly owned indirect subsidiary of CEVA.
CEVA, a leading global logistics company, is a UK public limited company owned by affiliates of Apollo Management.
EGL’s former shareholders are entitled to receive $47.50 in cash, without interest, for each share of EGL common stock they owned at the effective time of the merger.
CEO Dave Kulik says he is delighted about the merger between CEVA and EGL.
“Our combined companies can offer customers a portfolio of world class supply chain management services globally, while maintaining our commitment to operational excellence and customer orientation,” he says.
“We anticipate that this merger will create more value for our customers, employees, shareholders and other financial partners.”
According to Global Freight Management president Joe Bento both EGL and CEVA possess unique strengths in logistics and supply chain management.
“We are excited about leveraging these synergies to provide greater flexibility, enhanced service offerings and more powerful solutions for our customers,” he says.
“We have proud traditions as companies that are easy to do business with and we are committed to preserving this critical attribute.”
“We have a great future and look forward to working together with our employees and customers to achieve unprecedented mutual success.”
Founded in 1984, Houston-based EGL operates under the name EGL Eagle Global Logistics. EGL is a leading global transportation, supply chain management and information services company dedicated to providing superior flexibility and fewer shipping restrictions on a price competitive basis.
With 2006 revenues of $3.2 billion, EGL’s services include air and ocean freight forwarding, customs brokerage, local pickup and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services.
CEVA (formerly known as TNT Logistics) is a leading global logistics and supply chain management company. It designs, implements and operates complex supply chain solutions on a national, regional or global scale for multinational and large local companies.
The company provides customers with end-to-end logistics solutions spanning the entire supply chain. CEVA focuses on a diverse range of market sectors including automotive, tyres, high-tech/electronics, industrial, fast moving consumer goods, and publishing & media.
CEVA employs approximately 38,000 people and operates an extensive global network with facilities in 26 countries worldwide, and maintains 567 warehouses globally with a combined space of approximately 7.4 million square meters.
For fiscal year 2006, CEVA generated sales of euro 3.5 billion.
CEVA is owned by affiliates of Apollo Management VI, L.P., one of the leading private equity investors in the world. For more information please visit the CEVA website at http://www.cevalogistics.com.
Founded in 1990, Apollo is a recognized leader in private equity, debt and capital markets investing. Since its inception, Apollo has successfully invested over $16 billion in companies representing a wide variety of industries, both in the U.S. and internationally.
Apollo is currently investing its sixth private equity fund, Apollo Investment Fund VI, L.P., which along with related co-investment entities, has approximately $12 billion of committed capital.