DFDS has signed an agreement to buy the international transport network of Ekol Logistics.
The transaction's enterprise value is DKK 1.9bn ($280m).
The network had revenue of DKK 3.5bn and 3,700 employees in 2023.
“This acquisition is an excellent strategic match for DFDS,” chief executive Torben Carlsen said.
“Transporting large trailer volumes reliably and efficiently using combinations of road, ferry and rail is our core business.
“Moreover, we believe [Turkey’s] role as a manufacturing hub for Europe will become even stronger in the future as nearshoring drives supply chains closer to end markets.”
DFDS said the acquisition is fully aligned with its transport network strategy focused on moving goods in trailers by ferry, road and rail, and on offering complementary logistics solutions.
Ahmet Musul, chairman of Ekol Logistics, said the combination has the potential to make the transport infrastructure between Turkey and Europe more efficient and raise Turkey’s attractiveness as a manufacturing hub.
The transport network builds on a partnership since 2019 with DFDS through a long-term customer agreement providing access to ferry capacity in the Mediterranean route network.
DFDS will finance the deal, which remains conditional on European Union approval, by a combination of loans and existing cash.
Following the acquisition, DFDS revised its guidance for 2024.
It now expects a revenue increase of 8% to 11% compared with 2023, assuming the deal closes at the beginning of the fourth quarter.
The previously expected revenue increase was 5% to 8%.
The 2024 outlook for Ebit is unchanged at DKK 2bn to DKK 2.4bn.
