Having delivered “strong results” in the first quarter of 2019 – with “healthy” top-line growth across all divisions - global freight forwarder, DSV, says its hopes to close the transaction on the merger with Panalpina by the third quarter of this year.
On April 1 this year DSV announced that it had reached an agreement to acquire Panalpina in an all-stock deal worth about $4.6 billion. The deal will make DSV Panalpina the fourth-largest freight forwarder in the world.
DSV further believes that the merger with Panalpina will create the second-largest airfreight forwarder in the world, measured by volume. “The combined volumes of the two companies will handle 1.5 million tonnes of airfreight annually with a total of $17 billion revenue,” said Jens Bjørn Andersen, DSV Group CEO.
Full integration between the companies could take between two to three years, added Andersen.
Meanwhile managing director of Bidvest Panalpina Logistics (BPL), Craig Mountjoy, has reiterated assurances that the Panalpina operations will continue unaffected and separate from DSV until the agreement is finalised.
