DSV'S
proposed US$1.35 billion acquisition of US forwarding and logistics
group, UTi Worldwide, has been approved by UTi shareholders, after
they voted overwhelmingly in favour of adopting the previously announced merger
agreement.
Although
the closing of the transaction is still subject to regulatory approval from
competition authorities in South Africa, "as well as
satisfaction of other customary closing conditions," these are not expected
to present a problem, reported Lloyd's List.
"We
still expect closing in Q1 2016, as previously announced," said DSV.
Copenhagen-based
group, DSV,
announced last October that it had signed an agreement to acquire UTi
Worldwide, claiming that the addition of UTi would add 50 per cent to the
European forwarding and logistics group's annual revenue and scale and turn it
into a significant global player.
In
the 12 months ending July 31, 2015, California-headquartered UTi achieved
consolidated revenues of $3.9 billion and an adjusted EBITDA loss of $6
million. It has struggled financially in recent years and has been undergoing
restructuring to turn around recent loss-making performances.
The
two companies' combined 2014 revenue amounts to $13 billion and the combined
workforce will grow to 44,000 people in 84 countries, 848 offices and 339
logistics facilities. UTI itself has 21,000 employees in 58 countries.
"The
Air & Sea Division will be significantly strengthened, and DSV will
increase its industry specific capabilities across all divisions," DSV
said. "Furthermore, DSV will now be truly global within contract logistics
and expand into road freight activities outside Europe."
Source
: HKSG.
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