DSV buys Panalpina to become one of the largest airfreight providers
Category: #business  By Akshay Kedari  Date: 2019-08-20
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DSV buys Panalpina to become one of the largest airfreight providers
  • Denmark company takes over Swiss logistics group Panalpina in a deal of over USD 5.5 million.
     
  • This acquisition will create the world’s fourth largest airfreight company.  

Denmark based DSV A/S recently announced the completion of the acquisition of the Swiss logistics group Panalpina. This acquired merger is expected to create the world’s fourth freight providing company.

For the uninitiated, Switzerland based Panalpina is a logistics service provider, excelling in international air and sea freight and associated supply chain management. It has been claimed that the company accepted a tender from the acquiring company, DSV somewhere in April this year after 2 months of unending negotiations.

As per trusted sources, the acquisition deal was fixed at over 37 billion Danish crowns which amounts up to USD 5.5 billion with the impact from IFRS 16.

Speculation has it that DSV’s merging with Panalpina’s air and sea freight operations is expected to produce the world’s Number 4 freight-forwarding company following the top-notch logistics companies DHL Logistics, Kuehne & Nagel and DB Schenker.

Speaking on the matter, the DSV Chief Executive Jens Bjorn Anderson reportedly cited that the company is highly elated to welcome onboard Panalpina’s customers, employees and stakeholders to achieve a better market position in the world combinedly. Additionally, the company looks forward to achieving more together while creating even more value for the shareholders.

Meanwhile, it has been reported that under the agreement, Panalpina stakeholders are expected receive over 2.375 DSV shares, with a minimal value of 1 Danish crown per share, for each Panalpina share.

With the news of acquisition coming sooner, the newly merged company is expected to be named DSV Panalpina A/S, expecting the approval at an exceptional general meeting.

DSV company however expects to achieve the annual cost interactions of over 2.2 billion crowns from 2022.

For the records, Denmark head quartered DSV A/S is a 1976 established transport and logistics company delivering transport services globally via road, air, water, and train.

Source credit: https://www.reuters.com/article/us-dsv-m-a-panalpina/denmarks-dsv-acquires-swiss-logistics-group-panalpina-idUSKCN1V90E7

About Author

Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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