DSV has completed the acquisition of Panalpina today (Monday 19 August), with the Danish forwarder changing its name to DSV Panalpina.
The integration of the Danish and Swiss companies is expected to take two to three years, and combining the two will have a workforce of 60,000 employees in 90 countries.
Kurt Kokhauge Larsen will be chairman, with Jens Bjørn Andersen, Jens Lund and Thomas Stig Plenborg joining the Panalpina board, giving DSV full control.
Andersen, CEO of DSV says: “We are very excited to welcome Panalpina’s customers, employees and shareholders to DSV. Our two companies will achieve more together, creating even more value for all our stakeholders. The settlement of the deal marks the beginning of the integration process, during which we will strive to provide the high level of service our customers know and rely on.”
The transaction is worth 5.4 billion Swiss francs and DSV expects to achieve annual cost synergies of 2.2 billion Danish krone ($330 million).
The cost synergies are expected to have full-year effect by 2022 and will come from consolidating operations, logistics facilities, administration and IT infrastructure.