The Danish company announced it was going to acquire GIL from Kuwait-based Agility in April in a deal worth US$4.2bn, with the acquisition making DSV the third largest freight forwarding company in the world.
GIL has 17,000 employees and revenue of US$4.6bn, of which 80% comes from air and sea freight. The deal will create combined revenue of about US$25bn and a combined workforce of 75,000 employees.
Once GIL is included in consolidated financial results, it is expected to contribute around US$440m to the combined EBIT before special items with consolidation of operations, logistics facilities, back-office and IT infrastructure expected to be completed by 2023.
Jens Bjorn Andersen, group CEO of DSV Panalpina says: “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.”
The GIL takeover is DSV’s third major acquisition in recent years following UTi Worldwide in 2016 and Panalpina in 2019.