DSV has been successful in its bid for German freight forwarder DB Schenker.
The deal is valued at EUR14.3 billion (USD15.3 billion) and is conditional on approvals by the supervisory board of Deutsche Bahn and the German Federal Ministry for Digital and Transport, which are expected in the coming weeks.
DSV and Schenker will have an expected pro forma revenue of approximately EUR39.3 billion (USD43.6 billion), based on 2023 numbers, and a combined workforce of around 147,000 employees across 90 countries.
Various central functions will remain in Germany, including at the Schenker location in Essen. DSV expects to grow in Germany and plans to invest EUR 1 billion (USD1.1 billion) in Germany in the next 3-5 years.
Richard Lutz, ceo, Deutsche Bahn said: The sale of DB Schenker to DSV marks the largest transaction in DB’s history and provides our logistics subsidiary with clear growth prospects. It has been important for us to find a strong partner for Schenker and a long-term home for the employees of the company.”
Deutsche Bahn announced that DB Schenker was officially up for sale in December 2023. The forwarding giant is being sold by Deutsche Bahn as it looks to reduce debts. From a field of 25 interested parties, the final two firms in the running for DB Schenker were DSV and a private equity consortium led by CVC.
