open/close Print local Share on Twitter Share on LinkedIn Send as email More share options DSV agrees to acquire UTi Worldwide Inc. The DSV Group ("DSV") today signed an agreement to acquire US based UTi Worldwide Inc. (”UTi”). UTi is a global, supply chain services and logistics company with revenue of USD 3.9 billion and 21,000 employees in 58 countries. The combined company will be one of the world's strongest transport and logistics networks. 09.10.15 The Boards of Directors of DSV and UTi have unanimously approved the transaction. Kurt K. Larsen, Chairman of the Board of DSV, comments: "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." Roger MacFarlane, Chairman of the Board of UTi, comments: "We are operating in an industry where increasingly scale is critical. Joining forces with DSV delivers substantially greater client value and many future opportunities for our people while it is financially very attractive for our shareholders. As a result, the Board of Directors of UTi has unanimously approved the agreement with DSV and strongly recommends that our shareholders accept the offer." The transaction is conditional on obtaining the approval of the shareholders of UTi and receipt of the relevant regulatory approvals. Closing is expected in Q1 2016. Strategic rationale – a great fit Acquisitions are an integral part of DSV's growth strategy, and DSV has a strong track record of successful integration of acquired companies. The acquisition of UTi is expected to increase DSV's annual revenue by approximately 50%, creating one of the world's strongest transport and logistics networks. Pro forma 2014 revenue amounts to approximately USD 13 billion (DKK 75 billion) and the combined workforce will grow to 44,000 people in 84 countries, 848 offices and 339 logistics facilities. The Air & Sea Division will be significantly strengthened, and DSV will increase its industry specific capabilities across all divisions. Furthermore, DSV will now be truly global within contract logistics and expand into road freight activities outside Europe. This will enable the company to offer its customers a broader range of services. The combined companies will 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. About UTi Worldwide Inc. Headquartered in California, US, UTi is a global, asset-light supply chain services and logistics company. In the 12 months ending 31 July 2015 UTi achieved consolidated revenues of USD 3.9 billion and an adjusted EBITDA of USD minus 6 million. UTi employs approximately 21,000 full-time employees in 58 countries across more than 300 offices and 200 logistics centres and offers complete supply chain services and solutions, including air, ocean, distribution, customs brokerage and contract logistics. UTi has a strong presence in North America and a leading position in South Africa. It also operates an extensive network in Asia-Pacific and Europe. In the 12 months ending 31 July 2015 UTi's Freight Forwarding and Contract Logistics & Distribution segments reported revenues of more than USD 2.5 billion and USD 1.4 billion, respectively. As a result, UTi is a global top 20 third party logistics provider.