DSV announced that it has fulfilled all closing conditions for its acquisition of the German global freight forwarding and contract logistics business, DB Schenker, from Deutsche Bahn AG.
The Danish forwarder said the deal would close on April 30, 2025, creating what is expected to be the world's largest freight forwarder.
"As of today, all closing conditions for DSV A/S' pending acquisition of the global freight forwarding and contract logistics business DB Schenker operated by Schenker AG and its affiliates from Deutsche Bahn AG have been fulfilled, including approval by the European Commission and the expiration of the applicable waiting period in the US," DSV announced on April 15.
"The parties are now able to complete the transaction, which is expected to take place on 30 April 2025," it added.
DSV first announced that it had signed an agreement to acquire DB Schenker, a unit of Deutsche Bahn AG, for €14.3 billion (approximately US$16 billion) in September 2024.
The DSV acquisition of the German logistics giant from Deutsche Bahn marks one of the largest sales of a state-owned business in Germany in recent years. It is also the "largest transaction in DB's history.
The acquisition is seen to strengthen DSV's global network and capabilities. In addition to greater reach, the takeover will also strengthen DSV's platform for growth and the development of a more sustainable and digital transport and logistics industry.
Upon closing the deal, DSV and DB Schenker are expected to have a pro forma revenue of approximately €39.3 billion (based on 2023 numbers) and a combined workforce of around 147,000 employees in more than 90 countries.
The combined entity would yield total revenues of US$43.44 billion, putting it ahead of both Kuehe+Nagel and DHL Supply Chain & Global Forwarding.
The deal would also put DSV and DB Schenker on top in terms of airfreight volumes, with a combined 2.4 million tonnes and a close second to Kuehne+Nagel's 4.34 million TEUS in the ocean, with 4.3 million TEUS together.
Meanwhile, DSV said due to the expected completion of the Schenker acquisition, the interim results for the first quarter of 2025 for DSV A/S, which is scheduled for April 29, 2025, will be postponed to April 30, where further details and preliminary financial information related to the acquisition of Schenker will be announced.