DSV agrees to buy UTi Worldwide

The DSV Group has signed an agreement to buy the US-based logistics company UTi Worldwide. The terms of the deal value the company, which has an annual revenue of around $3.9bn and 21,000 employees in 58 countries, at around $1.35bn.

A combined DSV/UTi entity would one of the world’s largest 3PLS,  behind DHL, Kuehne + Nagel and DB Schenker.

The Boards of Directors of DSV and UTi have unanimously approved the transaction.

Roger MacFarlane, Chairman of the Board of UTi, commented: “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.”