Ceva Logistics Europe will acquire exclusive control of Fagioli Holding, a group specialising in complex project logistics, following a transaction notified on 13 February 2026 and assessed by Italy’s Autorità Garante della Concorrenza e del Mercato (Competition and Market Authority) at its meeting on 3 March 2026. The agreement, formalised on 12 December 2025 through a share purchase contract, provides for the transfer of the entire share capital of the Italian company to the group controlled by CMA CGM, a global operator in container shipping and port services.
The transaction involves two players with distinct but complementary market positions. Ceva, part of the CMA CGM group, operates globally in end-to-end freight forwarding and integrated logistics, while Fagioli Holding focuses on shipments linked to complex industrial projects in the energy, infrastructure and heavy industry sectors. The acquisition strengthens Ceva’s presence in the project forwarding segment, which involves managing technically complex and integrated transport operations for major projects. This is a field characterised by a high degree of operational specialisation, advanced logistics planning and multimodal coordination.
According to the Authority, the transaction does not create any significant overlaps in freight forwarding markets. The combined market share of the parties remains below 1% in the main segments, including land and sea transport, and does not exceed 3% in project forwarding. This indicates a limited impact on the competitive structure, also considering the fragmented nature of the market and the presence of numerous specialised operators. The assessment also examined potential vertical effects linked to the integration between Fagioli’s maritime forwarding activities and the container shipping operations of the CMA CGM group. However, the acquired company’s share in maritime forwarding is below 0.01%, effectively ruling out any risk of foreclosure along the supply chain.
The Authority therefore concluded that the transaction does not significantly hinder competition or lead to the creation or strengthening of a dominant position, deciding not to open a formal investigation. The assessment is consistent with established national and European practice, which distinguishes the freight forwarding market from transport, recognising the former as having a broader organisational and managerial component. The agreement includes non-compete and non-solicitation clauses. The Authority considers these acceptable only if limited to a maximum period of two years and to the geographical areas in which Fagioli operates, in line with European merger regulations.
