DSV to buy Dubai-based Swift Freight
Copenhagen, October 1, 2012
Danish freight forwarder DSV has agreed to buy Dubai-based Swift Freight, it said on Monday, with the aim of expanding in the Middle East and Africa.
Swift generated revenue of about $70 million in the last 12 months and has 400 employees, DSV said in a statement, which did not disclose the purchase price.
According to Swift Freight website, Warren Erfmann is the CEO and owner of the company.
The purchase agreement includes full ownership of the companies in the UAE, China and India and initially a 33 percent share of the companies in Africa, DSV said, adding it expected to obtain full ownership of the African entities in the future. -<!--Reuters-->