DSV today completes its purchase of Panalpina. After the acquisition, the company will continue as DSV Panalpina, good for a turnover of 13.2 billion euros and 60,000 employees in ninety countries.
The appointment of the new management team is expected to take place next week. That is also when the integration process at global, country and regional level will start. According to DSV and Panalpina, this process will take two to three years.
"Our companies will achieve more together and create even more value for all stakeholders," explained DSV CEO Jens Bjorn Andersen. "The completion of the deal marks the beginning of the integration process, in which we will strive to provide the high level of service that our customers are familiar with."
Fourth global transport company
The deal is worth 4.7 billion euros (5.1 billion Swiss francs). The purchase will make DSV the fourth largest global transport company in one fell swoop, after DHL, KUEHNE + Nagel and DB Schenker. DSV, which has a strong focus on the road, is expanding its air and sea logistics operations with Panalpina.
DSV expects cost synergies to be around €295 million by 2022, through consolidation of operations, logistics facilities, administration and IT infrastructure.
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