DSV has announced that its acquisition of Panalpina is finally completed on August 18. in a deal worth $5.5bn.
The combined company will be recognised as DSV Panalpina and the merger will result in the creation of the second-largest airfreight provider in the world – DHL currently leads the pack.
Panalpina is a provider of supply chain solutions with 14,500 employees in 70 countries.
After the merger, the workforce will be 60,000 and the company will have a presence in 90 countries. Revenue is expected to be DKK118bn per year.
“We have been working extremely hard since we first announced the deal on April 1. Both sides have done a remarkable job”, – said DSV chief executive Jens Bjørn Andersen.
“As of today, we are one company, which means that we are now the second-largest provider of airfreight in the world. We are also now the third-largest provider of seafreight and we retain our position as the fourth-largest provider of road freight.”
The entire integration period is expected to take two-three years, with most of the operational integration being completed within two years.