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DSV buys UTi for US$1.35 billion, enlarges staff to 40,000 in 80 countries
DANISH transport company DSV has been successful in its second attempt to buy Long Beach-based UTi Worldwide for US$1.35 billion, reports Atlanta area Air Cargo World.
The last hurdle was South African antitrust approval, which was obtained this week.
In welcoming the UTi employees DSV chief executive Jens Bjorn Andersen, said the transaction makes DSV the fourth-largest freight forwarder in the world.
It will also increase its revenues 50 per cent and make the company the world's sixth- and seventh-largest operator in sea and air freight, respectively.
The company's global logistics division, road freight and distribution activities in Europe, North America, Africa and Asia will also benefit from the acquisition.
DSV will now have more than 40,000 employees in 80 countries; more than 1,000 offices and logistics facilities and 4.7 million square metres of warehousing.
Mr Andersen said that, due to the similarities between both businesses, he expects the new organisation to integrate quickly and smoothly.
The last hurdle was South African antitrust approval, which was obtained this week.
In welcoming the UTi employees DSV chief executive Jens Bjorn Andersen, said the transaction makes DSV the fourth-largest freight forwarder in the world.
It will also increase its revenues 50 per cent and make the company the world's sixth- and seventh-largest operator in sea and air freight, respectively.
The company's global logistics division, road freight and distribution activities in Europe, North America, Africa and Asia will also benefit from the acquisition.
DSV will now have more than 40,000 employees in 80 countries; more than 1,000 offices and logistics facilities and 4.7 million square metres of warehousing.
Mr Andersen said that, due to the similarities between both businesses, he expects the new organisation to integrate quickly and smoothly.
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