Danish-owned DSV Group today (Friday) signed an agreement to acquire United States-based UTi Worldwide Inc.
According to a statement on the DSV website, the board of directors have unanimously approved the transaction, which is still subject to regulatory approval.
Kurt K. Larsen, chairman of the DSV board, commented: "It is a great pleasure for me to announce the first step towards the combination of UTi and DSV. We complement each other perfectly, both in terms of business activities and geography. Together, we will be even stronger and able to capitalise on business synergies as well as a greater global reach to the benefit of shareholders, customers and employees. We look forward to joining forces and welcoming our new colleagues from UTi to DSV."
Larsen pointed out that the combined companies would have a more balanced geographical footprint with approximately 61% of revenue in Europe, Middle East and North Africa, 17% in Americas, 16% in Asia (APAC) and 6% in Sub-Saharan Africa.
