Copenhagen-based transport and logistics player DFDS has completed on Friday the acquisition of the international transport network of Ekol Logistics. With this deal, DFDS acquires an international transport network connecting Türkiye and Europe.
Ekol Logistics is a Turkish transport and logistics company headquartered in Istanbul.
DFDS acquires the company for a debt-free price of DKK 1.8bn (€240m) equal to a EV/Sales multiple of 0.55x based on revenue for Q3 2024 LTM. The transaction is financed by a combination of loan financing and use of existing cash funds.
All relevant regulatory approvals have been received.
The acquisition is based on a revised set of terms agreed since the termination of the share purchase agreement on November 1.
The main change in terms relates to the amount of debt included in the transaction, DFDS said. 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”, said Torben Carlsen, CEO of DFDS.
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.
The addition of the company adds road transport to DFDS’ Mediterranean ferry network, DFDS said, extending the proven northern European ferry/road business model to this region.
Moreover, DFDS’ logistics network will be expanded across Europe and connected to Türkiye. This provides DFDS access to offer end-to-end transport and logistics solutions directly to end customers trading between Türkiye and Europe.
In addition, the acquisition expands DFDS’ presence in a high-growth region supported by nearshoring of supply chains closer to Europe.
The company will be managed as a separate business unit as part of the logistics division, although some country organisations will be integrated in the existing Continent business unit.
