EGL announced that its shareholders, at an annual meeting of shareholders approved the proposed merger transaction with CEVA Group Plc, a UK public limited company owned by affiliates of Apollo Management VI, L.P. CEVA announced the completion of its merger with EGL.

As a result of this merger transaction, EGL is now a wholly owned indirect subsidiary of CEVA. 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.” EGL and CEVA will complete the Merger only if the conditions set forth in the Merger Agreement are satisfied or waived.

More than 59% of the shares eligible to vote at the annual meeting of EGL were voted in favor of the approval of the Merger Agreement.

Source: CEVA Logistics

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