DFDS AGREES NEW TERMS AND COMPLETES TURKISH LOGISTICS ACQUISITION

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DFDS A/S
DFDS A/S

COMPANY ANNOUNCEMENT no. 83 - 15 November 2024

 

  • DFDS acquires international transport network connecting Türkiye and Europe from Ekol Logistics

  • Acquisition replicates DFDS’ ferry/road business model to the Mediterranean and connects Türkiye to DFDS’ existing logistics network

  • Network expected revenue for 2024 of DKK 3.3bn and 3,700 employees

  • Share purchase agreement revised since 1 November 2024

  • Transaction enterprise value of DKK 1.8bn corresponding to 0.55x EV/Sales for Q3 2024 LTM

  • Investor/analyst conference call Friday 15 November 2024 at 1.30pm CET, see registration details below.


DFDS has today completed the acquisition of the international transport network of Ekol Logistics (the “Company”). Ekol Logistics is a leading Turkish transport and logistics company headquartered in Istanbul.

The acquisition is based on a revised set of terms agreed since the termination of the share purchase agreement on 1 November 2024. The main change in terms relates to the amount of debt included in the transaction. In addition, DFDS now has an option to extend the duration of the terminal agreement with Yalova Port.

The Company transports goods between Türkiye and Europe with own offices and facilities in 10 European countries. More than half of transports provided are intermodal using combinations of road, ferry, and rail making the Company the largest customer of DFDS’ Mediterranean ferry route network.

“DFDS’ acquisition of Ekol’s international transport network greatly enhances our ability to provide a reliable and efficient transport infrastructure supporting Türkiye’s continued growth as a manufacturing hub. Given the revised terms, well prepared business plans, and the strength of our expanded network, we are well positioned to protect and grow our Mediterranean business”, says Torben Carlsen, CEO of DFDS.

“The strategic logic of the sale of Ekol Logistics’ international transport network to our longstanding partner DFDS is compelling. On behalf of all my great colleagues, I’m therefore very pleased we came together again and forged a revised agreement. A new growth story can begin”, says Ahmet Musul, founder and Chair of the Board of Directors of Ekol Logistics.

The Company’s transport network builds on a partnership since 2019 with DFDS through a long-term customer agreement providing stable access to ferry capacity in the Mediterranean route network.

Strategic fit and business model
The acquisition is fully aligned with DFDS’ transport network strategy focused on moving goods in mainly trailers by ferry, road, and rail, and on offering complementary logistics solutions.


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