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2021-08-19
DSV Panalpina looking to growth after completing Agility GIL deal













DANISH provider DSV Panalpina has completed the takeover of the logistics arm of Agility - Global Integrated Logistics (GIL) - in a deal with an enterprise value of around US$4.8 billion, reports London's Air Cargo News.



The all-share deal will see Agility gain 8 per cent of the total shares in the combined entity making it DSV Panalpina's second largest shareholder.



The move will make DSV Panalpina one of the world's top three freight forwarders in terms of revenues and consolidate its position as the third largest airfreight forwarder.



The forwarder said that "the aim is to continue to grow the business from this strong position".



"Today's expected completion of the acquisition of GIL marks an important milestone on the growth journey for DSV," the company said in a release.



"Within transport and logistics, size is critical and with the acquisition DSV fortifies its position as one of the world's largest transport and logistics companies."



The combined DSV and GIL business is aiming to grow through "enhanced service offerings for customers, market-leading IT infrastructure and economies of scale".



DSV chief executive Jens Bjorn Andersen said: "There are many similarities when you look at our two companies both in terms of the business models and services and, not least, when we look at our shared focus on local empowerment and putting customers first."



Tarek Sultan, Agility vice chairman and chief executive said: "This deal affirms Agility's global strategy and execution, and positions us for a new era of growth.



"We're moving forward with a strategic investment in DSV, one of the world's best-performing logistics providers.