DFDS A/S completed the acquisition of HSF Logistics Nijmegen B.V. from Simon Frederiks and others for DKK 2.5 million.
September 13, 2021
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DFDS A/S (CPSE:DFDS) entered into an agreement to acquire HSF Logistics Nijmegen B.V. from Simon Frederiks and others for an enterprise value of DKK 2.2 billion on January 25, 2021. DFDS will acquire the HSF Logistics Group for a debt-free price of DKK 2.2 billion. Non-voting preference shares will be issued and owned by the sellers. DFDS has a call option to redeem the preference shares over a planned three-year period. DKK 930 million will be paid on closing. Over the following three years, DKK 270 million is planned to be paid each year to redeem the preference shares. Estimated DKK 460 million of net interest-bearing debt (excluding IFRS 16 lease obligations) will be taken over as part of the transaction. The transaction structure, including preference shares, gives DFDS 100% control and the HSF Logistics Group will therefore be fully consolidated in the DFDS Group from closing. DFDS will use existing cash funds for the initial payment of DKK 930 million.
HSF Logistics Group has revenue of DKK 2.8 billion and EBITDA of DKK 320 million. Martin Gade Gregersen, currently Chief Executive officer of HSF Logistics Group, is appointed Head of Cold Chain in DFDS, reporting to Niklas Andersson, EVP & Head of Logistics Division. In view of the importance and growth opportunities of Cold Chain, Martin Gade Gregersen is also appointed member of DFDS’ Executive Management Team (EMT). Closing of the transaction is subject to regulatory approval and completion of required employee consultation processes and expected to take place in around three months. As of September 6, 2021, The EU Commission approved DFDS’ acquisition of the HSF Logistics. The closing of the transaction is expected to be completed on September 14, 2021. The integration of the HSF Logistics Group is expected to generate both commercial and cost synergies as well as synergies from addition of volumes to DFDS’ transport infrastructure of ferry routes and ports. DFDS’ financial leverage, NIBD/EBITDA, is expected to be unchanged by the transaction. The transaction is expected to be accretive to earnings per share (EPS) from closing. Oscar Nettl, Achim Boden, Victor Sperling and Daan Goossen of Coöperatieve Rabobank U.A. acted as a financial advisor to HSF Logistics Nijmegen B.V. KPMG acted as advisor to HSF Logistics Nijmegen B.V in the deal.
DFDS A/S (CPSE:DFDS) completed the acquisition of HSF Logistics Nijmegen B.V. from Simon Frederiks and others for DKK 2.5 million on September 14, 2021.
Dfds AS is a Denmark-based integrated shipping and logistics company. The Companyâs operations are divided into two segments: Ferry Division and Logistics Division. The Ferry Division operates more than 20 ferry routes in the Northern Europe, including Baltic Sea, North Sea, Channel - and in Mediterranean between Turkey and Europe. The routes are a mix of pure freight routes (ro-ro), combined freight and passenger routes (ro-pax), as well as passenger routes. In addition, port terminals are owned and/or operated at strategic hubs of the route network, including Immingham, Rotterdam, Gothenburg, Istanbul and Trieste. The freight customers are mainly forwarders and hauliers, as well as manufacturers of heavy industrial goods. The Logistics Division includes mainly full-load transport solutions in corridors in the Northern Europe, as well as contract logistics solutions, including warehousing. Its customers are primarily manufacturers of industrial goods, consumables, and retailers.
DFDS A/S 
