DANISH logistics giant DSV is set to buy Swiss forwarder Panalpina as part of a deal estimated at US$4.6bn.
Under the deal, the new entity is expected to become one of the world’s largest transport and logistics companies with a workforce of more than 60,000 employees across 90 countries.
DSV board chairman Kurt Larsen said the combination would strengthen their position in the global freight forwarding market.
“Together, we can present a strong global network and enhanced service offering to our clients, further solidifying our competitive edge in the industry,” Mr Larsen said.
“It’s a great match on all parameters. Panalpina is a great company and we’re very excited by the possibility to join forces and to welcome Panalpina’s talented staff”.
Panalpina chairman Peter Ulber said in past weeks the board and management had been exploring different strategic initiatives and held discussions with DSV.
“The board of directors’ assessment is that the updated proposal of DSV is very attractive,” he said.
“We are now looking forward to joining forces with DSV and contributing to creating, one of the world’s largest transport and logistics companies.”
Panalpina has offices in Sydney, Melbourne and Adelaide. DSV has offices in Sydney, Melbourne, Brisbane, Perth and Adelaide.
According to a joint statement, settlement of the offer is expected within four to six months at which time more details of the acquisition are set to be provided.