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DSV to buy Dubai-based Swift Freight

Monday, 1 Oct 2012 | 4:58 AM ET

COPENHAGEN, Oct 1 (Reuters) - 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.

The purchase agreement includes full ownership of the companies in the United Arab Emirates, 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.

(Reporting by Mette Fraende; Editing by Greg Mahlich)

((Copenhagen newsroom, tel: +45 3396 9649, e-mail: copenhagen.newsroom@thomsonreuters.com))

Keywords: DSV/