Kuwait's Agility completes sale of Global Integrated Logistics to DSV Panalpina | ZAWYA MENA Edition
Kuwaiti logistics company Agility said it expects to complete the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina today.
The all-shares transaction gives Agility 19,304,348 DSV shares upon full completion of the deal in all jurisdictions, representing approximately 8 percent of all post-transaction shares of DSV. This makes Agility the second largest DSV shareholder based on the latest shareholder register, the Kuwait-based company said in a statement on Monday.
Agility, one of the largest Gulf logistics companies, said the enterprise value of the transaction is $4.775 billion and the equity value is $4.675 billion.
Tarek Sultan, vice chairman and CEO, said: “We’re moving forward with a strategic investment in DSV, one of the world’s best-performing logistics providers. We will accelerate growth in the businesses we continue to operate, which historically account for around 80 percent of our EBIT.”
In addition to its stake in DSV, Agility receives a seat on the DSV board of directors.
“This is a chance for us to share ideas and find areas where we can collaborate with a visionary DSV leadership team that, like us, is determined to shape the supply chains of the future,” Sultan said.
Earlier this week, Agility, which is listed both on the Dubai and Kuwait stock exchanges, saw its second quarter net profit soar manyfold to 38.6 million dinars ($128 million).
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