DSV has completed the acquisition of German logistics group DB Schenker from Deutsche Bahn in a landmark €14.3 billion transaction, positioning the Danish transport giant as the world’s largest freight forwarder by revenue. The move significantly expands DSV’s global reach, adding 72,000 employees to its workforce and strengthening its presence across key logistics markets. The group now operates in over 90 countries with a combined headcount of approximately 160,000. DSV estimates the integration will generate annual cost synergies of around €9 billion.
“This transaction represents a defining moment in DSV’s evolution,” said CEO Jens H. Lund. “It creates a scalable and resilient platform for sustainable long-term growth and enhances our ability to meet the increasing complexity of global supply chains.” The deal has been financed through approximately €10 billion in equity and debt instruments, supplemented by available cash and existing credit facilities. DSV confirmed its commitment to maintaining financial discipline, aiming to return to target leverage ratios by mid-2027.
The integration of Schenker into DSV’s consolidated accounts will begin on May 1, 2025. In parallel, Jochen Thewes, current CEO of DB Schenker, will join DSV’s executive board to facilitate the post-merger transition. Updated 2025 guidance includes an upward revision of EBIT by DKK 4 billion, fully attributable to Schenker’s contribution.
However, the deal has raised concerns over potential job cuts. German trade union Ver.di had previously backed a competing offer from CVC Capital Partners, citing fears that DSV’s acquisition could trigger workforce reductions. These concerns are rooted in precedent: during DSV’s 2019 takeover of Panalpina, the company implemented widespread layoffs to streamline operations.
For Deutsche Bahn, the sale marks a strategic pivot. CEO Richard Lutz said the divestment would allow the state-owned rail operator to “reduce complexity and fully focus on our core business,” as DB embarks on a major restructuring of its rail operations over the next three years. Nonetheless, the move also deprives Deutsche Bahn of one of its most profitable subsidiaries. DB Schenker delivered roughly €1 billion in operating profit in 2024. Proceeds from the sale will remain within the DB Group and are earmarked for debt reduction, a priority as the company seeks to stabilize its finances amid mounting infrastructure challenges.
