DSV has signed an agreement with Deutsche Bahn to acquire 100% of Schenker AG and its affiliates in an all-cash transaction. The transaction values Schenker at EUR 14.3 billion (approximately DKK 107 billion) on an Enterprise Value basis.
According to DSV, together, DSV and Schenker will have a combined revenue of DKK 293 billion, (based on pro-forma 2023 full-year financials) and a joint workforce of around 147,000 employees across more than 90 countries.
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 Jens H. Lund, CEO of DSV
Transaction overview
- Enterprise value of EUR 14.3 billion (approx. DKK 107 billion) and equity value of EUR 11 billion (approx. DKK 82 billion).
- At completion, DSV will acquire 100% of Schenker AG, including all its affiliates in an all-cash transaction.
- Transaction multiples correspond to an EV/Revenue of 0.77x and an EV/EBIT of 14.0x based on the last twelve months financials ending June 2024.
- DSV expects to finance the transaction during the next 12 months through a combination of equity financing of around EUR 4-5 billion via an accelerated bookbuilding without pre-emption rights for existing shareholders and debt financing, as we remain committed to maintain our current credit ratings.
- DSV has obtained committed financing facilities from BNP Paribas, Danske Bank, HSBC and Nordea for the transaction.
- The transaction is subject to approval by the Supervisory Board of Deutsche Bahn and by the German Federal Ministry for Digital and Transport (Bundesministrerium für Digitales und Verkehr) in the coming weeks, as well as customary regulatory approvals. Completion of the transaction is expected in Q2 2025. DSV will make customary disclosures upon satisfaction of outstanding conditions. Until the closing of the transaction, DSV and Schenker remain two separate companies conducting business as usual.
- DSV has entered social undertakings in relation to the employees of Schenker in Germany, which will apply for two years after closing.
- DSV’s current share buyback programme of up to DKK 1.5 billion initiated on 24 July 2024 will be discontinued with immediate effect.
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.
… commented Jochen Thewes, CEO of Schenker
