The duo is an excellent strategic match due to similarities in business models
DSV has announced the agreement between DSV and Deutsche Bahn AG to acquire 100% of the global freight forwarding and contract logistics business DB Schenker operated by Schenker AG and its affiliates in an all-cash transaction.
DSV has a long track record of successfully integrating acquired companies as an integral part of the company’s growth strategy. With the acquisition of Schenker, DSV are establishing the foundation for future sustainable growth by creating a world-leading player within the transport and logistics industry to the benefit of our customers, a press statement indicated.
DSV and Schenker are an excellent strategic match due to similarities in business models, services and strategies, and the combined company will benefit from strong customer relationships, industry vertical expertise, an agile global network and service offerings, combined with operational synergies, the statement noted.
Pro-forma revenue
Based on the published full-year 2024 financials for DSV and Schenker, the combined company had a pro-forma revenue of approximately DKK 310bn and a total workforce of close to 160,000 employees in more than 90 countries.
“With this acquisition, we become a world-leading player in global transport and logistics, at a time where global supply chains are more in focus than ever before, and our customers need a reliable and agile global network of services and products,” stated Jens H. Lund, Group CEO, DSV.
“By combining the two companies we will create a unique flexible platform for long-term financial growth to the benefit of our customers, employees, shareholders and other stakeholders,” he added,” he continued.
Further, with reference to DSV’s Announcement of 28 January 2025, DSV’s Board of Directors intends to nominate current CEO of Schenker, Jochen Thewes, for election to the Board of Directors of DSV.
Transaction details
DSV is acquiring 100% of Schenker and its affiliates in an all-cash transaction. The enterprise value of the transaction is approximately DKK 106.7bn (EUR 14.3bn) and the equity value is approximately DKK 86.5bn (EUR 11.6bn).
Schenker will be included in the consolidated financial statements of DSV from 1 May 2025. Based on preliminary estimates, annual synergies are estimated in the level of DKK 9.0bn at end of 2028, when most of the integration is expected to be complete.
Total transaction and integration costs are expected in the level of DKK 11.0bn. These costs will be charged to the statement of profit and loss under special items during the integration period.
Due to the completion of the transaction, DSV’s financial ambitions for 2026 will be revised and are therefore no longer relevant. Revised financial ambitions reflecting the impact from the integration of Schenker are expected to be communicated at a later stage.
