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Danish transport firm DSV acquires Panalpina for CHF5.4B

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Danish transport firm DSV acquires Panalpina for CHF5.4B

DSV A/S completed the acquisition of Swiss-based Panalpina Welttransport (Holding) AG, valuing the all-share deal at around CHF5.4 billion, including a CHF300 million impact from IFRS 16.

The Danish transport firm said that it expects to settle the previously announced public exchange offer to purchase Panalpina on Aug. 19 in agreement with Swiss market practices. Following shareholders' approval, DSV will change its name to DSV Panalpina A/S, integrating all subsidiaries under the DSV brand.

Pursuant to the transaction, DSV's CEO Jens Bjørn Andersen and CFO Jens H. Lund will join Panalpina's new executive board, while its chairman Kurt Kokhauge Larsen will take over the Swiss logistics firm's board.

DSV estimates annual cost synergies of about 2.2 billion Danish kroner through the consolidation of operations, logistics facilities, administration and IT infrastructure, which are expected to have a full-year effect by 2022.

It expects the transaction to be EPS accretive by 2021. DSV also anticipates the operating margin of the combined entity to be raised toward the group's current level by 2022.

The company expects full integration in the next two to three years.

As of Aug. 16, US$1 was equivalent to 6.721 Danish kroner.