DSV signs agreement to acquire Schenker

DSV has signed an agreement to acquire Schenker from Deutsche Bahn in a deal valued at EUR 14.3 billion (approximately DKK 107 billion).

The combination of the two companies will increase the company's competitiveness and provide access to new markets in a very dynamic and competitive industry. Together, DSV and Schenker generate pro forma sales of approximately EUR 39.3 billion and employ approximately 147,000 people in more than 90 countries (based on 2023 figures).

Until the transaction is formally completed, DSV and Schenker will continue to operate as two independent and separate companies as before.

The acquisition of Schenker will strengthen DSV's global network and competences. In addition to a larger business scope and better opportunities to serve customers, the acquisition strengthens DSV's growth platform and the development of a more sustainable and digital transport and logistics industry.

With the acquisition, Germany will be a key market for DSV with a significant impact on the future organization. Several key functions will remain in Germany, including at Schenker's location in Essen. DSV expects to continue growth in Germany and is therefore planning investments of DKK 1 billion. euros in the country over the next 3-5 years. The investments must support long-term growth and job creation as well as contribute to developing a modern and attractive workplace. It is expected that the combined group will have more employees in Germany in five years than Schenker and DSV have today.

Jens H. Lund, Group CEO, DSV:

This is a landmark event in DSV's history, and we are very excited to join forces with Schenker. With the transaction, we bring two strong companies together and create a world-leading transport and logistics giant for benefit for employees, customers and shareholders.

By adding Schenker's skills and expertise to our existing network, we strengthen our competitiveness across all three divisions – Air & Sea, Road, and Solutions. In addition to strengthening our commercial platforms, the acquisition means that we can provide our customers with an even better service, innovative and tailored solutions, and flexibility for their supply chains.

Jochen Thewes, CEO, Schenker:

DB Schenker is one of the strongest and most innovative teams in transport and logistics. The last years have been the most successful in the company's history, and we have proven that Schenker is well equipped for the future. We are excited about the future opportunities for the joint company. Together with DSV, our goal is to transform the industry and build a global market leader with common European roots employees and customers.

Richard Lutz, Group CEO, Deutsche Bahn:

The sale of DB Schenker to DSV marks the largest transaction in DB's history and gives our logistics subsidiary a clear outlook for growth. It has been important for us to find a strong partner for Schenker and a long-term home for the company's employees.

 

A promising future together

The two companies are a strong match, with many points of similarity in business models and service catalog, same set of values and high standards, which create a wide selection of products for customers across different industry verticals as well as diverse career opportunities for employees.

DSV aims to ensure a smooth transition, prioritizing a high and continuous service to all Schenker's customers and taking into account employees and other stakeholders. DSV recognizes the importance of merging the operations of the two companies smoothly and in a way that maintains the high standard both companies are known for.

The planning of the integration is a joint project for DSV and Schenker, and the specific plans will be prepared in the period between the conclusion of the purchase agreement and the completion of the transaction.

As part of the deal, DSV commits to a number of measures towards the employees of Schenker in Germany, which will apply for two years after the deal. Collective agreements and individual employee terms and conditions for German employees when the deal is implemented will be maintained for the period. DSV will apply the German principles of co-determination.

Next steps

The acquisition is subject to approval by the Supervisory Board of Deutsche Bahn and the Federal Ministry for Digital and Transport (BMDV), which is expected in the next few weeks. In addition, the acquisition is subject to the usual regulatory approvals, which are expected to be granted in the second quarter of 2025. DSV plans to finance the transaction through a combination of equity financing of around four to five billion euros and debt financing.

Until the transaction is completed, DSV and Schenker will remain two independent companies that will continue their day-to-day operations as usual.