------------- -------------- ------------------- -------------------

Agility finalizes sale of GIL business to DSV

This post has been read 10989 times!

Deal affirms Agility’s global strategy and execution: CEO

KUWAIT CITY, Aug 16: The Kuwaiti company Agility, a leader in supply chain services, innovation and investment, has announced that it expects to complete the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina A/S (“DSV”) today. The all-shares transaction gives Agility 19,304,348 DSV shares upon full completion of the deal in all jurisdictions, representing approximately 8% of all post-transaction shares of DSV.

This makes Agility the second largest DSV shareholder based on today’s shareholder register. The enterprise value of the transaction is USD 4.775 billion and the equity value is USD 4.675 billion. “We’ve shown that Agility knows how to build and scale successful businesses. This deal affirms Agility’s global strategy and execution, and positions us for a new era of growth,” said Tarek Sultan, Agility Vice Chairman and CEO. He had added, “We’re moving forward with a strategic investment in DSV, one of the world’s best-performing logistics providers. We will accelerate growth in the businesses we continue to operate, which historically account for around 80%of our EBIT. “And we will continue investing in businesses that are driving sustainable innovation in supply chain and transportation. Our future will be built around businesses, technology and investment that expand access to global trade and make supply chains faster, smarter, greener, fairer and more efficient and resilient.”

Sultan said Agility’s next phase of growth will create additional shareholder value. “In the last decade, Agility created almost $7 billion in value for shareholders, increasing it five fold since 2011. We are determined to sustain this momentum going forward.” In addition to its stake in DSV, Agility receives a seat on the DSV board of directors. “This is a chance for us to share ideas and find areas where we can collaborate with a visionary DSV leadership team that, like us, is determined to shape the supply chains of the future,” Sultan said, (KUNA).

Check Also

Agility reports 12% increase in Q2 earnings – EBITDA grows 14% to KD 32.6mn, revenue rises 10.9% to KD 342.1mn

This post has been read 10990 times! KUWAIT CITY, Aug 5: Agility, a leading global …