DSV to buy Panalpina for $4.6bn
April 16, 2019
Danish logistics company DSV is buying its Swiss rival Panalpina in a deal worth around $4.6bn to create what will be one of the world’s largest transport and logistics companies with a pro forma revenue of approximately DKK118bn and a workforce of more than 60,000 employees operating in 90 countries.
Following completion, DSV will propose to its shareholders at an extraordinary general meeting to change its name to DSV Panalpina to reflects the history of both companies.
"A combination of DSV and Panalpina further strengthens our position as a leading global freight forwarding company,” said Kurt Larsen, chairman of the board of DSV. “Together, we can present a strong global network and enhanced service offering to our clients, further solidifying our competitive edge in the industry. It’s a great match on all parameters. Panalpina is a great company and we’re very excited by the possibility to join forces and to welcome Panalpina’s talented staff.”
Peter Ulber, chairman of the board of Panalpina, added: "In the course of the past weeks, Panalpina’s board of directors and management have been exploring different strategic initiatives and held discussions with DSV about a potential combination. The board of directors’ assessment is that the updated proposal of DSV is very attractive. We are now looking forward to joining forces with DSV and contributing to creating, one of the world’s largest transport and logistics companies."
DSV and Panalpina is a strong match with many potential synergies as a result of similarities in business models, services and strategies.
More information about the takeover is expected to be released on or around May 13, 2019.