DSV Panalpina has signed an agreement to acquire Agility’s Global Integrated Logistics (GIL) business.

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 percent stake in the combined company.

“This deal creates significant shareholder value and marks a new milestone in Agility’s journey. Agility remains committed to the supply chain industry, and will become the second largest shareholder in one of the fastest-growing and most profitable logistics companies in the world,” said Tarek Sultan, Agility’s vice chairman.

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.”

The combination of DSV and Agility GIL is expected to increase DSV’s annual revenue by approximately 23 percent, according to the Danish forwarder. The combined company will have its own operations in more than 90 countries.

“GIL’s presence in fast-growing emerging markets in Asia-Pacific, as well as Europe and Americas, will be a strong addition to DSV’s existing network,” said Jens Bjørn Andersen, group ceo of DSV.