After speculation on September 12, 2024, regarding Deutsche Bahn’s Board of Directors approving the sale of a stake in DB Cargo to DSV, the official confirmation came the next morning. In a statement released by the German railway company, it was clarified that the Danish multinational will pay €14.8 billion, including the €14.3 billion from the contract and an additional €500 million for expected active interest until the completion of the transaction, which is anticipated to occur in 2025.
The statement also revealed that DSV has committed to investing around €1 billion in Germany over the next three to five years and to protecting jobs for two years, until 2027. In fact, "overall, the buyer aims to offer more jobs in Germany than currently available within the two existing organizations." Additionally, central functions are expected to be maintained, including at Schenker’s headquarters in Essen. The deal still requires approval from the Supervisory Board and the Federal Government in accordance with the Federal Budget Code, as well as clearance from the relevant antitrust authorities.
Deutsche Bahn also stated that all proceeds from the sale would remain within the Group and significantly reduce its debt. "The sale of DB Schenker to DSV marks the largest transaction in DB’s history and offers our logistics subsidiary clear growth prospects," said DB CEO Richard Lutz. "In line with our Strong Rail strategy, we are focusing our activities on public rail infrastructure in Germany and climate-friendly passenger and freight transport in Germany and Europe. At the same time, debt reduction provides a substantial contribution to the Group’s financial sustainability. Over the next three years, we will focus on the structural renewal of infrastructure, rail operations, and economic efficiency. This will create a stable foundation for Strong Rail’s continued growth and for contributing to the Federal Government’s transport and climate policy goals."
DSV also released a statement on the acquisition, noting that the two companies will generate pro forma revenue of €39.3 billion (based on 2023 figures) and employ 147,000 people across more than 90 countries. The company emphasized that "until the transaction closes, DSV and Schenker will remain two separate companies," though the future is less clear. Following its acquisition of Panalpina, the Danish giant fully integrated the company in a short time, even eliminating the brand. Given that DB Schenker’s name and logo are linked to Deutsche Bahn, it is unlikely these will be retained.
DSV’s statement also highlighted that "with this acquisition, Germany will become a key market for DSV, having a substantial impact on the future organization," and reaffirmed the commitments made to Deutsche Bahn regarding investments and job protection. Jens H. Lund, CEO of DSV, stated: "By adding Schenker’s expertise and experience to our existing network, we are enhancing our competitiveness across all three divisions: Air & Sea, Road, and Solutions. Beyond strengthening our commercial platform in DSV, the acquisition will provide our customers with even higher service levels, innovative and seamless solutions, and flexibility for their supply chains." DSV plans to finance the transaction through a combination of equity financing of approximately €4-5 billion and debt financing.
