Danish logistics firm DSV has finalized a deal to acquire Schenker, the logistics unit of German state railway Deutsche Bahn, in a transaction valued at €14.3bn. This acquisition, the largest in DB’s history, will make DSV the world’s largest logistics company. The purchase will be financed through a combination of a share sale of up to €5bn and debt financing. The combined revenue of DSV and Schenker is projected to be €39.26bn, with a joint workforce of around 147,000 employees across 90 countries.
Deutsche Bahn CEO Richard Lutz expressed the importance of finding a strong partner for Schenker, emphasizing the growth prospects this deal presents. DB’s decision to sell Schenker aims to unlock investment for its passenger business and reduce its debt. Despite interest from private equity firm CVC Capital Partners, DSV emerged as the chosen buyer. DSV plans to cut 1,600-1,900 positions from Schenker’s German workforce but intends to increase employee numbers over five years to exceed current levels.
As part of the deal, DSV has agreed to provide an additional €10m in compensation to unions and expects the acquisition to be finalized in the second quarter of 2025, pending regulatory approval. Deutsche Bahn’s supervisory board and the German transport ministry must give their approval, with decisions expected in the coming weeks. The acquisition of Schenker represents a significant step for both DSV and Deutsche Bahn, paving the way for increased growth and opportunities in the logistics sector.
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