CEVA, EGL merger is complete

By Lisa Kerner

Charlotte, N.C., Aug. 2 - CEVA Group plc completed its $47.50-per-share acquisition of EGL, Inc. first announced on May 24.

EGL shareholders approved the $2 billion deal on Tuesday and the company is now a wholly owned indirect subsidiary of CEVA.

As previously reported, EGL terminated its prior merger agreement with its largest shareholder and chief executive officer James R. Crane and his affiliates including Centerbridge Partners, LP and the Woodbridge Co., Ltd. The company paid a $30 million fee to the Crane group in connection with the termination.

EGL is a transportation, supply chain management and information services company based in Houston. CEVA (formally known as TNT Logistics) is a Hoofddorp, Netherlands-based logistics and supply chain management company.

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