DFDS (DFDS) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition expands logistics operations into the Türkiye-Europe corridor, replicating a proven ferry/road model and targeting high-growth transport flows.

• Provides access to global manufacturer customers and supports nearshoring trends in European supply chains.

• Ekol’s network complements existing operations, enhancing intermodal transport and serving sectors like automotive, industrial parts, textiles, and garments.

• Builds on a partnership since 2019, leveraging stable access to ferry capacity and expanding end-to-end logistics solutions.

• Strengthens ability to compete and grow in the Mediterranean amid evolving competition.

Financial terms and conditions

• Enterprise value is DKK 1.8bn, representing a 0.55x EV/Sales multiple based on Q3 2024 LTM revenue; equity value remains DKK 1.5bn.

• Additional seller-incurred debt since April 2024 is excluded from the revised agreement.

• Option agreement included for the Yalova terminal.

• Deal financed through a mix of loans and existing cash funds.

Synergies and expected cost savings

• Integration aims to increase equipment utilization, consolidate networks, and optimize asset use, targeting a 5% EBIT margin by end-2027.

• Commercial recovery and cost-out exercises prioritized, leveraging combined ferry and logistics operations.

• Cost coverage to be improved through pricing adjustments and surcharges.

• Consolidation of offices and facilities, and shifting select road volumes to ferry/rail, targeted for further efficiency.

• Net positive impact from synergies and integration costs, mainly related to system integrations.