Denmark's DSV Acquires Swiss Logistics Group Panalpina
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.
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.
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.