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Ceva to take over new shareholder’s logistics arm
[ November 28, 2018 // Chris ]CEVA is to acquire 100% of CMA CGM Log, the shipping line’s freight management service for $105 million, subject to regulatory approvals and due diligence. It forms part of a new strategic partnership between the two companies in which CMA CGM will itself take a stake of up to a third in the logistics company. CMA CGM Log expects to generate revenues of US$ 630 million and has 1,200 employees in 32 countries plus cooperation agreements in 26 additional countries, particularly in India, China, Australia and the US. The integration of CMA CGM Log into CEVA Freight Management Business line is expected to significantly reinforce CEVA’s footprint in ocean freight management with 170,000 additional controlled TEUs.