DSV Panalpina buys logistics unit of Kuwait's Agility in $4.1 bln deal


Adds details

COPENHAGEN, April 27 (Reuters) - Danish freight forwarder DSV Panalpina DSV.CO said on Tuesday it had agreed to acquire the logistics division of Kuwait's Agility Public Warehousing Co AGLT.KW in an all-share deal worth $4.1 billion.

Agility's logistics unit had revenue of $4 billion last year, 80% of which was in air and freight, and around 17,000 employees.

Under the deal, DSV Panalpina will transfer 19.3 million new shares worth 1 Danish crown each to Agility, representing around 8% of all shares in the Danish company.

"Agility's Global Integrated Logistics business and DSV are an excellent match, and we are proud that we can announce our agreement to unite," Chief Executive Jens Bjorn Andersen said in a statement.

"Agility's Global Integrated Logistics (GIL) 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," he said.

(Reporting by Jacob Gronholt-Pedersen; Editing by Kim Coghill and Sam Holmes)

((copenhagen.newsroom@thomsonreuters.com; +45 3274 2001; Reuters Messaging: jacob.pedersen.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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