KUWAIT : Agility, a leading global logistics provider, held today its Extraordinary General Assembly Meeting with a quorum of 75.8%
The company’s shareholders approved the item on the agenda, approving the sale agreement of Agility’s Global Integrated Logistics (GIL) business to DSV Panalpina A/S. The acquisition will be an all-share transaction and closing is expected in the third quarter of 2021. Agility will become the second largest shareholder in DSV with an approximate 8% stake in the combined company.
Tarek Sultan, Agility’s Vice-Chairman, said: “For some years, Agility has made it known that consolidation is a priority for our logistics business. The timing is right to act now: the logistics industry is getting more competitive, DSV and GIL have good complementarity, and this deal will give Agility a stake in one of the largest and most profitable freight forwarding and logistics companies.”
He added: “Agility will be exploring opportunities between DSV and its other businesses, with promising areas of future cooperation potentially including Agility’s Logistics Parks business, Shipa group of companies, and technology ventures. Agility will remain an emerging markets leader, investor in emerging technologies, and champion of sustainable business.”
Agility is a global logistics company with $5.3 billion in annual revenue and 26,000 employees in more than 100 countries. It is one of the world’s top freight forwarding and contract logistics providers, and a leader and investor in technology to enhance supply chain efficiency. Agility is a pioneer in emerging markets and one of the largest private owners and developers of warehousing and light industrial parks in the Middle East, Africa and Asia. Agility’s subsidiary companies offer fuel logistics, airport services, commercial real estate and facilities management, customs digitization, and remote infrastructure services.
Source : Agility