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."
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 $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 $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.
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.
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
http://www.cevalogistics.com
CONTACT:
Joe Bento of EGL, Inc., +1-281-618-3220
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