DSV Wins Approval for €14.3B Sale to Become World's Largest Freight Forwarder

DSV A/S won approval to buy Deutsche Bahn AG’s logistics unit for €14.3 billion ($15.8 billion), overcoming resistance from German labor unions and late attempts by a rival bidder to derail the deal.

Deutsche Bahn’s supervisory board voted in favor of DSV’s bid and the German government has also approved the deal, the Danish company said on October 2. The purchase will make DSV the world’s largest freight-forwarder and turn it into Denmark’s second-largest company by revenue.

Private equity firm CVC Capital Partners Plc, DSV’s remaining rival in the final bidding round, made new offers even after the deadline, but they were rejected by Deutsche Bahn. German labor unions had also opposed DSV, fearing the Danish company would cut many jobs. Media reports suggested that at least one employment group would vote against the deal at Deutsche Bahn’s board meeting.

DSV, which is based outside Copenhagen, said the acquisition remains subject to customary regulatory approvals and that completion is expected in the second quarter of 2025.

DSV will now need to secure financing for the deal. It has said it plans to raise as much as €5 billion in a share sale. The company, which has a strong track record as an integrator of acquisitions, is also expected to use its A- credit grade to tap the debt market.

The deal will also be a big undertaking for DSV in other ways. It will inherit about 73,000 employees of the DB Schenker business — roughly the same number of workers it already has.