Denmark's DSV said on Monday it has completed the acquisition of Swiss logistics group Panalpina, creating the world's fourth largest freight-forwarding company.
The Swiss logistics group accepted a bid from DSV in April, after more than two months of negotiations.
The enterprise value of the acquisition was about 37 billion Danish crowns (€4.96 billion), including the impact from IFRS 16, DSV said.
Freight-Forwarding
DSV's combination with Panalpina's air and sea freight operations will create the world's No. 4 freight-forwarding company, with only DHL Logistics, Kuehne & Nagel and DB Schenker now bigger.
"We are very excited to welcome Panalpina's customers, employees and shareholders to DSV," DSV Chief Executive Jens Bjorn Andersen said in a statement.
"Our two companies will achieve more together, creating even more value for all our stakeholders," he said.
Shareholders
Under the deal, Panalpina shareholders will receive 2.375 DSV shares, with a nominal value of 1 Danish crown per share, for each Panalpina share.
The new company name will be named 'DSV Panalpina A/S', pending the approval at an extraordinary general meeting.
The Danish company said it expects annual cost synergies of 2.2 billion crowns from 2022.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
