International freight forwarder DSV has signed an agreement to acquire 100 per cent of global logistics business Schenker, in a deal that has valued Schenker at EUR 14.3 billion.
DSV says the acquisition has firmed Germany as a key market in the company’s future, and that is plans to invest EUR 1 billion into its German operations over the next three to five years.
The deal has come over two months after global shipping giant Maersk pulled out of a potential agreement to purchase Schenker in a deal that was reported to be in excess of EUR 15 billion, following which Maersk CEO Vincent Clerk stated “challenges from an integration perspective” scuppered any potential purchase.
The sale to DSV has brought and end to Deutsche Bahn’s sale proceedings of DB Schenker, which commenced in 2023.
Group CEO of DSV Jens H. Lund has labelled the acquisition of Schenker as “transformative”.
“This is a transformative event in DSV’s history,” Lund says. “We are very excited to join forces with Schenker.
“With the acquisition we can bring together two strong companies, creating a world-leading transport and logistics powerhouse that will benefit our employees, customers and shareholders.
“By adding Schenker’s competencies and expertise to our existing network, we improve our competitiveness across all three divisions: air and sea, road, and solutions.
“As well as enhancing our commercial platforms across DSV, the acquisition will provide our customers with even higher service levels, innovative and seamless solutions and flexibility to their supply chains.”
Together, DSV and Schenker will, based on 2023 numbers, have an expected pro forma revenue in excess of EUR 39 billion, and a combined workforce of roughly 147,000 employees across 90 countries.
“DB Schenker is one of the most powerful and innovative teams in transportation and logistics with more than 150 years of experience,” Schenker CEO Jochen Thewes says.
“The recent years have been the most successful in our company’s history and we have proven that DB Schenker is fit for the future. We are excited about the future prospects of the combined business.
“Together with DSV, our goal is to transform the industry and build a truly global market leader with joint European roots for the best of our employees and our customers.”
The deal is conditional on approvals by the supervisory board of the Deutsche Bahn and by the German Federal Ministry for Digital and Transport, which are expected in the coming weeks.
The acquisition is also conditional on obtaining customary regulatory clearances, which are expected to be secured in Q2, 2025.
DSV expects to finance the transaction through a combination of equity financing of roughly EUR 4-5 billion and debt financing.
Until the closing of the transaction, DSV and Schenker remain two separate companies conducting business as usual.
The integration planning will be a joint effort between DSV and Schenker and the specific plans will be developed between the signing and closing of the transaction.
As part of the agreement, DSV has issued social undertakings for employees in Schenker in Germany, which apply until two years after closing. Collective agreements and individual employment conditions for German employees on the closing date will generally be retained in the two years period. DSV will apply the German principles of co-determination.
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