Danish transportation and logistics company DSV issued shares worth €5 billion in early September 2025, according to Bloomberg. The sale was completed without any discount, thanks to significant interest from major investors who acquired large stakes in the company. The share sale is part of DSV's efforts to finance the acquisition of DB Schenker, valued at €14.3 billion.
The accelerated bookbuilding process set the share price at 1,410.50 Danish kroner (€189.12) each, matching the closing price on October 3, 2024. This price was at the upper end of the range presented to investors by banks, and the total amount raised hit the upper limit of DSV's initial estimates announced on September 13 for funding the acquisition of DB Schenker.
Investor interest in buying the shares was so strong that the entire offering was covered shortly after launch, with demand exceeding the available volume multiple times, according to a source close to the matter cited by Bloomberg. On October 11, DSV shares surged as much as 9.3% at the opening of the Copenhagen Stock Exchange, reaching a value of 1,542 kroner (€206.75), the highest since early 2022.
DSV secured commitments from major investors totaling approximately 21 billion kroner (€2.8 billion). Among these were about €1 billion from funds and accounts managed by BlackRock, €637 million from Capital Group, €546 million from the Canada Pension Plan Investment Board, and €364 million from Norway's sovereign wealth fund. BNP Paribas SA, Danske Bank, HSBC Continental Europe, JPMorgan Chase, and Nordea Bank assisted DSV in organizing the share sale.
DSV, which holds an A- credit rating, also stated that it would turn to the debt market to finance part of the acquisition of DB Schenker. The deal will allow the Danish company to become the world's largest freight forwarder, doubling its workforce to nearly 150,000 employees, and positioning it as Denmark's second-largest company by revenue. The company also released preliminary third-quarter results for 2024, raising the lower end of its earnings forecast for the year.
