CEVA Logistics is eyeing to finish within the top 3 logistics players (3PL) across the globe as the company continued its integration with GEFCO, which specializes in finished vehicle logistics (FVL). The transport and logistics player, backed by parent company CMA CGM Group who bought GEFCO in July 2022, has formed a dedicated FVL organisation as it plans to become a global leader in automotive logistics. CEVA said GEFCO, created by French automaker Peugeot in 1949, has been … [Read more...] about CEVA forms new org to drive auto logistics
mergers and acquisitions
SATS to become largest handler with WFS merger
A week after news broke about a potential acquisition that would see a combination of the world’s top ground handlers, Singapore-based catering and gateway services SATS Ltd has announced a proposal to acquire Paris-based air cargo handler Worldwide Flight Services at an enterprise value of €2.25 billion ($2.1 billion). SATS will acquire WFS from an affiliate of investment firm Cerberus Capital Management (Cerberus) and pay about €1.2 billion (US$1.2 billion) in cash. The deal will be … [Read more...] about SATS to become largest handler with WFS merger
New merger to rev up SGL’s offerings for auto sector
Scan Global Logistics (SGL) has kept pace in pursuing its acquisition strategy and will now enhance its auto special logistics (ASL) offering as it acquired German-American service provider AFL, effective August 9. The acquisition is expected to support the company’s automotive special logistics services, with assets from AFL Logistics GmbH in Germany and American Freight Line S.E. Inc. (AFL) in the US. This is the 9th acquisition of SGL in this year alone and most of its recent … [Read more...] about New merger to rev up SGL’s offerings for auto sector
Scan Global expands footprint in Asia with latest merger
Copenhagen-based logistics provider Scan Global Logistics (SGL) has taken another step in building on its 10-year-strong presence in China and Hong Kong with the acquisition of Sea-Air Logistics (SAL), headquartered in Hong Kong. The takeover will take effect on 5 July 2022, and Scan Global said the merger will allow for further penetration in segments like consumer electronics, technology, pharma and healthcare. SGL noted that the acquisition will increase its market share on the … [Read more...] about Scan Global expands footprint in Asia with latest merger
Freightos eyes Nasdaq listing with ‘special’ merger
Freight booking and payment platform Freightos Ltd is looking to go public on Nasdaq after the company entered into a definitive merger agreement with special purpose acquisition company (SPAC) Gesher I Acquisition Corp. The capital raised from the transaction will be invested to further scale the business, driving transaction value and improving margins. The implied pro forma enterprise value of the merger is estimated at approximately $435 million, leaving 78 percent stake to existing … [Read more...] about Freightos eyes Nasdaq listing with ‘special’ merger
Lufthansa joins MSC in bid for Italian airline
Mediterranean Shipping Co. plans to own a controlling stake in new Italian flag carrier ITA Airways in a deal valued somewhere around US$1.4 billion, which would include German airline Lufthansa. Lufthansa would act as an industrial partner and possibly consider up to 40 percent equity involvement, but some analysts think it is unlikely to make an immediate investment. The airline, exiting restrictions on merger activity that came with its 9 billion-euro government bailout, has paid back … [Read more...] about Lufthansa joins MSC in bid for Italian airline