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DSV 16 August 2021 COMPLETION OF THE ACQUISITION OF AGILITY'S GLOBAL INTEGRATED LOGISTICS BUSINESS Company Announcement No. 904 Today , DSV Panalpina A / S ( " DSV " ) expects to complete the previously announced agreement to acquire Agility's Global Integrated Logistics business ( " GIL " ) , which is the global logistics division of Agility Public Warehousing Company K.S.C.P. ( " Agility " ) . The acquisition is an all - share transaction . Please refer to Company announcement No. 881 of 27 April 2021 . GIL has around 17,000 employees and generates an annual revenue of USD 4.6 billion ( DKK 29.0 billion , based on last 12 months ) , of which approximately 80 % is related to Air and Sea freight . The combination of DSV and GIL creates a global top three player in the freight forwarding industry with an expected combined pro forma revenue of approximately DKK 160 billion ( based on last 12 months ) and a combined workforce of more than 75,000 employees . Jens Bjørn Andersen , Group CEO of DSV Panalpina , comments : " I am very pleased to welcome our new colleagues from GIL on this important day . There are many similarities when you look at our two companies both in terms of the business models and services and , not least , when we look at our shared focus on local empowerment and putting customers first . DSV and GIL simply constitute an excellent match . We will now start the integration , and together , we are going to grow the business and bring even more value to our many customers , partners and shareholders than we do separately . " Transaction details and expected financial impact As consideration for 100 % of GIL , Agility receives 19,304,348 DSV shares ( with a nominal value of DKK 1 per share ) representing approximately 8 % of all post - transaction outstanding shares of DSV . This will make Agility the second largest DSV shareholder based on today's shareholder register , and DSV has agreed to nominate an Agility representative to DSV's Board of Directors after completion of the transaction . The enterprise value of the transaction is approximately DKK 30.2 billion and equity value approximately DKK 29.6 billion . Transaction multiples : 21.5x EV / LTM adjusted EBIT and 1.0x EV / LTM sales . ( Last twelve months : 1 July 2020 - 30 June 2021 ) . Assuming completion as expected , GIL will be included in the consolidated financial results of DSV as from today and is expected to contribute with approx . DKK 2,800 million to the combined EBIT before special items on an annual basis , once fully integrated . This is expected to have full - year effect from 2023 and includes synergies from the consolidation of operations , logistics facilities , back - office and IT infrastructure . The transaction is expected to be EPS accretive ( diluted and adjusted ) by 2022. For full - year 2023 , DSV expects the operating margin of the combined company will be lifted towards the DSV Group's current level . The full year impact on EBIT before special items is based on a preliminary estimate . An update will be communicated in connection with the release of DSV's Q3 2021 interim financial report . Despite the expected completion of the transaction today and in line with what has been agreed , regulatory clearances are pending in a limited number of jurisdictions where revenues individually and combined are insignificant compared to the combined post - completion revenue , and in each such jurisdiction completion of the acquisition and commencement of integration activities are awaiting the relevant regulatory clearance . Outlook for 2021 Including the expected impact from GIL we upgrade the full - year outlook for 2021 as follows : EBIT before special items is expected to be in the range of DKK 13,750 - 14,500 million ( previously DKK 12,500 13,000 million ) . Approximately DKK 750 million of the upgrade is related to the expected impact from GIL , and the rest to the performance of the existing DSV business . The effective tax rate is expected to approximate 23 % ( unchanged ) . DSV Panalpina A / S , Hovedgaden 630 , 2640 Hedehusene , Denmark , tel . +45 43 20 30 40 , CVR No. 58233528 , www.dsv.com . DSV Panalpina Group We provide and manage supply chain solutions for thousands of companies every day - from the small family run business to the large global corporation . Our reach is global , yet our presence is local and close to our customers.75,000 employees in more than 90 countries work passionately to deliver great customer experiences and high - quality services . Read more at www.dsv.com