Homburger advises the Underwriters on the IPO of CEVA Logistics AG on SIX Swiss Exchange
On April 20, 2018, CEVA Logistics AG (CEVA), one of the world’s leading third-party logistics companies, domiciled in Baar, Switzerland, announced the launch of its Initial Public Offering (IPO) on SIX Swiss Exchange, the publication of the offering memorandum and the start of the bookbuilding process. The IPO comprises a primary offering of up to 29,856,537 shares to be newly issued and an additional up to 2,512,671 newly issued shares to cover an over-allotment option granted to the underwriters. Separately, CMA-CGM, a strategic investor, has agreed to make an investment in CEVA by purchasing an aggregate CHF 380 m to CHF 450 m of mandatory convertible securities in a concurrent private placement. The expected market capitalization of CEVA following the IPO is CHF 1.5 bn to CHF 1.8 bn. The first trading day is anticipated to be May 4, 2018.
Credit Suisse AG and Morgan Stanley & Co. International plc are acting as Joint Global Coordinators, Deutsche Bank AG, London Branch, UBS AG and Joh. Berenberg, Gossler & Co. KG as Joint Bookrunners and HSBC Bank plc and Bank Vontobel AG as Co-Bookrunners on the IPO.
CEVA is one of the world’s leading third-party logistics companies, offering a broad spectrum of services in both contract logistics and freight management. In 2017, CEVA generated revenues of USD 7.0 bn and Adjusted EBITDA of USD 280 m through over 56,000 employees and temporary/agency workers in more than 1,000 locations.
Homburger acts as counsel to the underwriters. The Homburger team is led by partner Frank Gerhard (Corporate / M&A) and includes associate Lorenzo Togni (Corporate / M&A) and junior associate Claude Humbel (Corporate / M&A). Partner Stefan Oesterhelt (Tax) provides tax advice.