Business, Feature, Forwarding, Freight News, Logistics

DSV completes Panalpina purchase

[ August 19, 2019   //   ]

DSV has completed its acquisition of fellow forwarder Panalpina, following the settlement of the previously announced public exchange offer for all publicly held shares of Panalpina

Kurt Kokhauge Larsen will be chairman of the merged company  and Jens Bjørn Andersen, Jens Lund and Thomas Stig Plenborg will be members of the Panalpina board, giving DSV full control over Panalpina.

Chief executive Jens Bjørn Andersen commented: “We are very excited to welcome Panalpina’s customers, employees and shareholders to DSV. Our two companies will achieve more together, creating even more value for all our stakeholders. The settlement of the deal marks the beginning of the integration process, during which we will strive to provide the high level of service our customers know and rely on”.

The combination with DSV creates one of the world’s largest transport and logistics companies with a pro forma revenue of approximately DKK 118 billion (14.46bn) and a workforce of 60,000 in 90 countries.

Panalpina has about 14,500 employees in 70 countries. Pending the approval at an extraordinary general meeting, DSV A/S will change its registered name to “DSV Panalpina A/S”. As the integration progresses, all subsidiaries and operational activities, however, will be united under the DSV name and brand.

The entire integration period is expected to take 2-3 years, with most of the operational integration being completed within two years.

DSV expects to achieve annual cost synergies of around DKK 2.2bn,  primarily from the consolidation of operations, logistics facilities, administration and IT infrastructure.