In early November 2024, DFDS had announced a halt in negotiations to acquire Ekol Logistics’ European trucking network Ekol Transport. However, the situation appears to have been resolved, as the Danish company announced the acquisition on November 15. The parties agreed on an enterprise value of 1.8 billion Danish kroner (approximately 241.3 million euros) for a business that generates annual revenue of 3.3 billion kroner (442.4 million euros) and employs around 3,700 people in offices across ten European countries. About half of Ekol's transport operations are intermodal, and the Turkish company is already DFDS’ main customer for the ro-ro vessels operating in the Mediterranean, especially on the route between Turkey and Trieste.
The acquisition expands DFDS’ presence in a growing region, supported by the nearshoring of supply chains closer to Europe. The Danish company explains that the integration plan includes three phases, with a target of improving the operating margin (EBIT) to around 5% by 2027, after breaking even by the end of 2025. Specifically, DFDS aims to enhance operational efficiency, increase traffic volumes, and optimize the use of equipment and terminals.
Through this acquisition, DFDS also integrates road transport with its ferry network in the Mediterranean, thus extending the combined transport model already well-established in Northern Europe. The goal is to provide comprehensive end-to-end logistics solutions to customers trading between Turkey and Europe. The acquired company will be managed as a separate unit within DFDS’ logistics division, with some facilities integrated into the existing continental unit.
DFDS had announced negotiations in April 2024, but on November 4, the company communicated their suspension, stating that Ekol Logistics had not met "certain contractual conditions," without specifying further. Following this announcement, Ekol Logistics' chairman, Ahmet Musul, declared that the breakdown was due to a last-minute price reduction request, made just 24 hours before closing the transaction. According to the Danish company, the context had changed between April and November, with a slowing European market and increased competition in the ro-ro sector, factors that led to a revision of their 2024 outlook (with an estimated revenue decline of between 8% and 10%).
Following the acquisition announcement, Ekol Logistics' president issued a statement explaining that "the transfer of our international transport and customs clearance activities to DFDS could not be completed by the initially planned date of November 1, 2024. However, the significant attention and support provided by the President of the Investment Office of the Presidency of the Republic of Turkey, Burak Dağlıoğlu, throughout the process, allowed the parties to reconvene and reassess the negotiations."
