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Latham & Watkins Advises Agility on the US$4.1 Billion Carve-Out Sale of its Global Integrated Logistics Business to DSV

April 28, 2021
The cross-border deal is the largest M&A transaction in the Middle East in 2021.

Latham & Watkins is advising Agility Public Warehousing Company KSCP (Agility), a Kuwaiti public company on the sale of its Global Integrated Logistics business (GIL) to Danish listed company DSV Panalpina A/S (DSV). The combination is expected to create a top-three global freight forwarder based on revenues. The acquisition will be an all-share transaction and closing is expected in the third quarter of 2021.

The transaction has an implied equity value of US$4.1 billion and will result in Agility becoming the second largest shareholder in DSV, with an approximate 8% stake in the combined company. The combination of DSV and GIL will fortify DSV’s position as a leading global transport and logistics company with a combined pro forma revenue of approximately US$22 billion and a combined workforce of more than 70,000 employees.

Latham is working alongside Meysan Partners, a Middle Eastern law firm, which is also advising Agility on the deal, with a team led by M&A partner Bader El-Jeaan.

The Latham team is being led by London corporate partners Mike Bond and Richard Butterwick, with associates Medha Marathe, Ben Coleman and Antonina Semyachkova. Advice on tax matters is being provided by London partner Sean Finn and associate Aaron Bradley; and on antitrust matters by Brussels partner Luca Crocco and associate Marine Dewaele.

Gorrissen Federspiel is advising Agility on the Danish law aspects of this transaction, led by M&A partner Anders Ørjan Jensen and associate, Andreas Høymann Hertel.