DSV buys Schenker from Deutsche Bahn for €14bn

(Sharecast News) - Danish freight, sea freight, road transport services and logistics giant DSV has agreed to take over Deutsche Bahn's logistics arm Schenker for €14.3bn. The enlarged group will generate revenues of €39bn, surpassing the size of Switzerland's Keuhne und Nagel to become the biggest freight forwarder in the world.

The new business will have a combined workforce of around 147,000 employees across 90 countries.

The acquisition, DSV's largest transaction to date, will strengthen its global network, expertise and competitiveness, to the benefit of employees, customers and investors, the company said in a statement.

As part of the deal, DSV is planning €1bn of investments in the German market over the next three to five years.

"This is a transformative event in DSV's history, and we are very excited to join forces with Schenker. With the acquisition we bring together two strong companies, creating a world-leading transport and logistics powerhouse that will benefit our employees, customers and shareholders," said DSV's chief executive Jens Lund.

DSV shares were up 2.3% at kr1,407 by 0931 in Copenhagen.