Freight News, Logistics, Business, Forwarding

Agility sale approved

[ May 25, 2021   //   ]

An Extraordinary General Assembly Meeting of Agility approved the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina on 23 May. The acquisition will be an all-share transaction and closing is expected in the third quarter of 2021. Agility will become the second largest shareholder in DSV with an approximate 8% stake in the combined company.

Tarek Sultan, Agility’s Vice-Chairman, said: “For some years, Agility has made it known that consolidation is a priority for our logistics business. The timing is right to act now: the logistics industry is getting more competitive, DSV and GIL have good complementarity, and this deal will give Agility a stake in one of the largest and most profitable freight forwarding and logistics companies.”

He added: “Agility will be exploring opportunities between DSV and its other businesses, with promising areas of future cooperation potentially including Agility’s Logistics Parks business, Shipa group of companies and technology ventures. Agility will remain an emerging markets leader, investor in emerging technologies, and champion of sustainable business.”