April 28, 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
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.