Denmark’s DSV has agreed to acquire Schenker, the logistics arm of Deutsche Bahn, for €14.3 billion, making it the world’s largest logistics company. The deal, which is the biggest ever for a Danish company, will position DSV ahead of DHL and Kuehne und Nagel in terms of volume and revenue, although the combined group will only control 6-7% of the fragmented global logistics market. Funded through a mix of equity raising and debt, the acquisition will result in a company with €43.52 billion in revenue and 147,000 employees across 90 countries. Despite planned job cuts in Germany, DSV aims to increase its workforce in the country over the next five years. The deal awaits regulatory and ministerial approval, expected by mid-2024.
