M&A radar: Hermes won’t be FedEx’s next TNT Express (hopefully)
In Jewish humour there’s an old joke that takes various forms but basically runs along ...
Dubai’s DP World is to purchase a 44% stake in Switzerland’s largest box terminal operator, Swissterminal, for an undisclosed sum.
The agreement will see DP World Inland’s European terminal network expand from four sites in Germany and Belgium to nine with the addition of Swissterminal’s five locations.
The deal will see the Mayer family continue as majority shareholders and current chief executive Roman Mayer, son of founder Alex Mayer, will remain in his position.
He said: “We are delighted to welcome DP World as our partner, particularly at a time when we are seeing numerous opportunities for Switzerland to grow its success as a major global logistics hub.
“By merging our family-owned business with such a large international organisation, which shares our vision, we will be well-equipped to deliver long-term sustainable growth and cater to a changing industry landscape.”
With a minority stake in the business, the deal appears to one which DP World has used to increase its exposure to central European import cargo flows through Mediterranean ports – a region where DP World has far less presence than in northern Europe.
Swissterminal’s facilities are connected, via Italian and Swiss intermodal networks, to the ports of La Spezia, Genoa, Ravenna and Trieste, as well as the intermodal hub of Melzo, outside Milan. It also has multiple weekly rail connections to Rotterdam and Antwerp and the German inland hub of Neuss.
Dr Martin Neese, MD of DP World Inland, said: “We are excited to invest in an innovative container terminal operator with extensive industry know-how, committed employees and strong values. Swissterminal is a perfect match to our inland and seaport operations in Europe. We look forward to developing new intermodal solutions together for the benefit of our customers.”