DSV, 881 - DSV PANALPINA TO ACQUIRE AGILITY’S GLOBAL INTEGRATED LOGISTICS BUSINESS IN AN ALL-SHARE TRANSACTION
Company Announcement No. 881
DSV Panalpina A/S ("DSV") has today signed an agreement to acquire Agility’s Global Integrated Logistics business (“GIL”), which is the global logistics division of Agility Public
Warehousing Company K.S.C.P. (“Agility”).
In 2020, GIL had USD 4.0 billion in revenue, of which approximately 80% is related to Air & Ocean freight, and approximately 17,000 employees. The acquisition will be an all-share transaction
and closing is expected in the third quarter of 2021.
DSV and Agility have reached an agreement that DSV will acquire GIL in an all-share transaction by issuing 19,304,348 shares of 1 DKK/share to Agility, representing approximately 8% of all post-transaction outstanding shares of DSV. This will make Agility the second largest shareholder based on today’s shareholder register.
Based on the DSV share closing price of DKK 1,299.5 and an exchange rate of DKK 1.00 = USD 0.163 as of 26 April 2021, the all-share transaction has an implied equity value of GIL of USD 4.1 billion.
The combination of DSV and GIL will fortify DSV’s position as a leading global transport and logistics company with a combined pro forma revenue of approximately DKK 142 billion and a combined workforce of more than 70,000 employees.
Jens Bjørn Andersen, Group CEO of DSV, comments:
“Agility’s Global Integrated Logistics business and DSV are an excellent match, and we are proud that we can announce our agreement to unite. The combination of our two global networks will provide us with the opportunity to offer our customers an even higher service level. GIL’s global network, industry competencies and strong market position in APAC and the Middle East complement DSV’s network well and will support our long-term value creation ambitions. Our two groups of companies already share a culture of entrepreneurship and local ownership, and we look forward to welcoming GIL’s talented staff to DSV.”
Tarek Sultan, Vice-Chairman, Agility, comments:
”This deal creates significant shareholder value and marks a new milestone in Agility’s journey. Agility remains committed to the supply chain industry and will become the second largest shareholder in one of the fastest growing and most profitable logistics companies in the world. I want to thank GIL’s leadership and employees for profitably growing the company and steering it through one of the most challenging periods the industry has ever seen during the global pandemic. Agility is proud of what GIL has achieved.
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