Mubasher: The board of Agility Public Warehousing has approved to sign an agreement with Denmark-based DSV Panalpina to sell its global integrated logistics business for an equity value of $4.1 billion (KWD 1.2 billion).

Under the agreement, DSV will acquire the global integrated logistics by issuing 19.3 million shares to Agility and its affiliates, representing around 8% of all post-transaction outstanding shares of DSV, according to a bourse filing on Tuesday.

Following the transaction, Agility will become the second-largest shareholder in DSV with a stake of around 8% in the company.

The closing of the transaction is subject to the approvals of the regulatory authorities in each of Denmark and Kuwait, other jurisdictions, and the extraordinary general meeting (EGM) of Agility.

The transaction is expected to be closed during the third quarter (Q3) of 2021.