HOOFDDORP, The Netherlands and HOUSTON, Aug. 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 $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."
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. 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.
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.
Joe Bento of EGL, Inc., +1-281-618-3220