After several weeks of speculation, Danish transportation and logistics firm DSV has confirmed going ahead with its plan to buy out Swiss freight forwarder Panalpina. The deal is valued at $4.6 billion and it is slated to create an over $17 billion revenue entity. The combined entity is likely to function with a new name – DSV Panalpina.
“DSV and Panalpina will become one of the world’s largest transport and logistics companies with a combined pro forma revenue of approximately $17.76 billion and a combined workforce of more than 60,000 employees,” an official release said.
DSV officials maintained that the acquisition would position the company to form a stronger network with greater expertise and service offerings globally. Kurt Larsen, Chairman of the Board of DSV, called the deal “a great match on all parameters.”