CEVA parent plans stock offering

CEVA parent plans stock offering Apollo Management, the private investment company founded in 1990 by Leon Black, Joshua Harris and Marc Rowan, said shareholders at the company will sell 29.8 million shares to the public for $417.5 million, or $14 per share.
   The price, which is what the shares have traded for as recently as Monday on a private exchange, is sharply lower than the $24 per share that private investors paid for the company last fall in private offerings.
   The net proceeds from the initial public offering of stock will be received by the selling shareholders, and the company will not receive any proceeds from the shares of the stock. The company plans to list the shares on the New York Stock Exchange.
   Apollo said one of the many areas that it invests is transportation and distribution, accounting for about 7 percent of its private equity investments. Other “core” investment areas are chemicals, consumer and retail products, financial and business services, manufacturing and industrial companies, media, cable and leisure, packaging and materials, and satellite and wireless.
   Apollo engineered the creation of CEVA Logistics last year through the purchase and merger of TNT Logistics and Eagle Global Logistics. It is also involved in the cruise business through Norwegian Cruise Lines, Prestige, Regent and Oceania Cruises.