공지 • Apr 30
DSV A/S (CPSE:DSV) completed the acquisition of Schenker AG from Deutsche Bahn AG for approximately DKK 110 billion.
DSV A/S (CPSE:DSV) signed an agreement to acquire Schenker AG from Deutsche Bahn AG for approximately DKK 110 billion on September 13, 2024. A cash consideration of DKK 84 billion will be paid by DSV A/S. The total enterprise value for the deal is DKK 107 billion. At completion, DSV will acquire 100% of Schenker AG, including all its affiliates in an all-cash transaction. DSV expects to finance the transaction during the next 12 months through a combination of equity financing and debt financing. DSV has obtained committed financing facilities from BNP Paribas, Danske Bank, HSBC and Nordea for the transaction. Schenker has annual revenues in the amount of DKK 142.4 billion. The transaction is subject to approval by the Supervisory Board of Deutsche Bahn and by the German Federal Ministry for Digital and Transport in the coming weeks, as well as customary regulatory approvals. Completion of the transaction is expected in Q2 2025. The transaction is expected to be EPS accretive in year 2 after closing of the transaction. As of October 2, 2024, the Supervisory Board of Deutsche Bahn AG approved the sale of DB Schenker to the Danish transport and logistics group DSV at an extraordinary meeting on Wednesday, and the German Federal Ministry for Digital and Transport (Bundesministerium für Digitales und Verkehr) have approved the sale of Schenker AG. The transaction is approved by Competition Commission. On April 7, 2025, The European Commission has approved the transaction. The transaction is still subject to decision by the US Department of Justice. The deal is now expected to close in the second quarter of 2025. As of April 15, 2025, DSV A/S has obtained all regulatory approvals for its planned acquisition of logistics business DB Schenker from Deutsche Bahn AG and the parties now expect to finalise the transaction on April 30, 2025. As of April 15, 2025, all closing conditions have been fulfilled. As of April 15, 2025, DSV announces the first executive leadership appointments to maintain momentum and further strengthen the commercial approach and integration efforts, After obtaining all regulatory clearances for DSV's acquisition of Schenker. DSV adds new members to its Group Executive Committee and renames the Solutions Division to Contract Logistics. The changes will become effective after completion of the acquisition which is expected on April 30, 2025. Helmut Schweighofer will become the new CEO of the Road Division. Vishal Sharma, currently CEO of Schenker's Region Asia Pacific, will become the new Group CCO. Saskia Blochberger will join the DSV Group Executive Committee as Group Chief People Officer. Helle Bach, current Head of Group HR, has decided to step down and pursue new opportunities outside DSV. The Board of Directors of DSV intends to nominate Jochen Thewes, the CEO of Schenker, for election to the Board at an Extraordinary General Meeting following the completion of the acquisition. As of April 16, 2025, DSV expect to complete the announced acquisition of Schenker and release the Q12025 interim results of DSV A/S on 30 April 2025.
Patrick Cichy, Mario Hüther, Uta Itzen, Frank Schaer, Norbert Schneider, Andreas von Bonin, Uwe Salaschek, Anouschka Zagorski, Panagiotis Rentzeperis, Elsy Stephanie Sedano Rojas, Pieter Daniel van der Ploeg and Adriana De Andrade and Simon Blaschka of Freshfields Bruckhaus Deringer and Moalem Weitemeyer acted as legal advisor to DSV A/S. Morgan Stanley Europe SE acted as financial advisor to Deutsche Bahn AG. Jim MacHale of Clifford Chance acted as legal advisor to the lenders on €14.3 billion acquisition of DB Schenker. Hans-Jörg Ziegenhain, Georg A. Frowein, Jan Häller, Ioanna Tsotsa, Jan Bonhage, Thomas Ruthemeyer, Daniela Böning, Philipp Otto Neideck, Anja Balitzki, Gunther Wagner, Hendrik Bockenheimer and Matthias Berberich of Hengeler Mueller acted as legal advisor to Deutsche Bahn comprehensively on the transaction. HSBC acted as Financial Advisor to DSV A/S.
DSV A/S (CPSE:DSV) completed the acquisition of Schenker AG from Deutsche Bahn AG for approximately DKK 110 billion on April 30, 2025. The enterprise value of the transaction is approximately DKK 106.7 billion (approximately €14.3 billion) and the equity value is approximately DKK 86.5 billion (€11.6 billion). The transaction is expected to be EPS accretive (diluted and adjusted) at the latest in 2026, and it remains DSV’s aspiration to lift the operating margins of the combined entity to a minimum of DSV’s levels within the respective business areas in 2028, based on a normalised full-year 2024 EBIT baseline for Schenker of approximately DKK 6.0 billion (approximately €800 million). Total transaction and integration costs are expected in the level of DKK 11.0 billion. These costs will be charged to the statement of profit and loss under special items during the integration period. The DB Group will retain all proceeds from the sale, which will substantially reduce its level of debt.