CEVA Announces Completion of Merger With EGL
02/08/2007 19:51
PR Newswire
HOOFDDORP, The Netherlands and HOUSTON, Texas, August 2 /PRNewswire/ -- CEVA Group Plc ("CEVA") today announced the completion of its merger with
EGL, Inc. ("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 VI, L.P. ("Apollo").EGL's former shareholders are entitled to
receive US$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 commented, "I am 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. We anticipate
that this merger will create more value for our customers, employees,
shareholders and other financial partners."
Joe Bento, President Global Freight Management said, "Both EGL and CEVA
possess unique strengths in logistics and supply chain management and we are
excited about leveraging these synergies to provide greater flexibility,
enhanced service offerings and more powerful solutions for our customers. 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."
About EGL
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 US$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.
About CEVA
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.
About Apollo
Founded in 1990, Apollo is a recognized leader in private
equity, debt and capital markets investing. Since its inception, Apollo has
successfully invested over US$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
US$12 billion of committed capital. Apollo's current and past investments in
the distribution, transportation and logistics industries include Pacer
International, Quality Distribution, Metals USA and United Agri-Products, and
it has other current investments in portfolio companies including Affinion,
AMC Entertainment, Berry Plastics, Goodman Global, Hexion Specialty Chemicals
(which includes the former coatings and inks resins division of Akzo Nobel
and Resolution Performance Products formerly owned by Royal Dutch Shell),
Momentive, Realogy, Rexnord, and Unity Media.
Cautionary Statements
The statements included in this news release regarding the effects of the
Merger on EGL's and CEVA's operations and business, and other statements that
are not historical facts, are forward-looking statements. These statements
involve risks and uncertainties including, but not limited to, market and
other conditions, the process of combining EGL and CEVA, and other factors
detailed in risk factors and elsewhere in EGL's most recent Annual Report on
Form 10-K and other filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize (or the
consequences of such a development worsen), or should underlying assumptions
prove incorrect, actual outcomes may vary materially from those forecasted or
expected. EGL and CEVA disclaim any intention or obligation to update
publicly or revise such statements, whether as a result of new information,
future events or otherwise.
For more information please contact:
CEVA Logistics
Mr Paul Kwakkenbos
Marketing & Communications Director
Tel +31-612-059086
Fax +31-20-500-6217
Email: paul.kwakkenbos@cevalogistics.com
EGL media contacts:
Sherry Amberg
Director of Marketing Communications
Email: Sherry.amberg@eaglegl.com
For more information please contact: CEVA Logistics, Mr Paul Kwakkenbos, Marketing & Communications Director, Tel +31-612-059086, Fax +31-20-500-6217, Email: paul.kwakkenbos@cevalogistics.com; EGL media contacts: Sherry Amberg, Director of Marketing Communications, Email: Sherry.amberg@eaglegl.com