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DSV has reached an agreement to acquire Agility’s Global Integrated Logistics business in an all-share transaction that is expected to be completed in the third quarter of 2021.

In 2020, Agility’s Global Integrated Logistics (GIL) recorded USD 4.0 billion in revenue, of which approximately 80% is related to Air & Ocean freight. The company currently has approximately 17,000 employees.

In a statement published this morning, DSV said that it had reached an agreement with Agility on the acquisition, which will be concluded via an all-share transaction through the issue of 19,304,348 shares of 1 DKK/share to Agility (approximately 8% of all post-transaction outstanding shares of DSV).

The deal will make Agility the second largest shareholder based on today’s shareholder register.

Based on the DSV’s calculations, the all-share transaction has an implied equity value of GIL of USD 4.1 billion.

DSV says the acquisition will fortify its position as “a leading global transport and logistics company with a combined pro forma revenue of approximately DKK 142 billion and a combined workforce of more than 70,000 employees.”

Commenting on the deal, Jens Bjørn Andersen, Group CEO of DSV, said:

Agility’s Global Integrated Logistics business and DSV are an excellent match, and we are proud that we can announce our agreement to unite. The combination of our two global networks will provide us with the opportunity to offer our customers an even higher service level. GIL’s global network, industry competencies and strong market position in APAC and the Middle East complement DSV’s network well and will support our long-term value creation ambitions. Our two groups of companies already share a culture of entrepreneurship and local ownership, and we look forward to welcoming GIL’s talented staff to DSV.

Tarek Sultan, Vice-Chairman, Agility, also gave his thoughts on the deal:

This deal creates significant shareholder value and marks a new milestone in Agility’s journey. Agility remains committed to the supply chain industry and will become the second largest shareholder in one of the fastest growing and most profitable logistics companies in the world. I want to thank GIL’s leadership and employees for profitably growing the company and steering it through one of the most challenging periods the industry has ever seen during the global pandemic. Agility is proud of what GIL has achieved. Agility will be exploring opportunities between DSV and its other businesses, with promising areas of future cooperation potentially including Agility’s Logistics Parks business, its Shipa group of companies and technology ventures. Agility will remain an emerging markets leader, investor in emerging technologies and champion of sustainable and responsible business.

In its statement on the deal, DSV also provided the following transaction overview:

Transaction overview

•       At completion, DSV will acquire 100% of GIL in consideration for issuing 19,304,348 new shares of 1 DKK/share to Agility. This will represent approximately 8% of all post-transaction outstanding shares of DSV. The share issue will be according to existing authorisations given to DSV’s Board of Directors.

•       Enterprise value of approximately USD 4.2 billion and equity value of USD 4.1 billion.

•       Transaction multiple: 23.2x EV/LTM adj. EBIT multiple and 0.94x EV/LTM sales. (Last twelve months: 1 April 2020 – 31 March 2021).

•        The transaction is subject to regulatory approvals and approval by Agility’s shareholders (simple majority required).

•        After completion of the transaction, DSV has agreed to nominate an Agility designee to DSV’s Board of Directors.

•        Completion of the transaction is expected in the third quarter of 2021.


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