Third party logistics services provider DSV has entered an agreement to acquire the Swift Freight Group of Cos.
Swift Freight, based in Dubai, is a regional freight forwarder with 36 offices across 15 countries in Africa, the Middle East and Asia.
In Africa, Swift Freight has offices in Mozambique, Zambia, Congo, Tanzania, Rwanda, Burundi, Uganda, Kenya, Ethiopia, Nigeria, Ghana and Togo. Outside Africa, Swift Freight has offices in United Arab Emirates, India and China.
In the last 12 months, Swift Freight and its 400 employees generated revenue of about $70 million.
The purchase agreement includes full ownership of the companies in the UAE, China and India and initially a 33 percent share of ownership of the companies in Africa. DSV is expected to assume full ownership of the African entities over an agreed period of time.
In Africa where Swift Freight is represented, the operational name will be DSV Swift. Warren Erfmann, chief executive officer of Swift Freight, will continue as regional CEO of all DSV Swift activities in Africa.
"The agreement with Swift Freight is an important step in DSV's efforts to increase our presence in emerging markets and we see great prospects for future growth in Africa and the Middle East," said Jens Bjorn Andersen, DSV Group CEO, in a statement.