Freight forwarder DSV has agreed to acquire Panalpina at an enterprise value of $4.6 billion based on Mar. 29 stock prices. The combined entity will be the ninth largest logistics company globally by revenue behind K+N and Bollore. The deal is driven by size which DSV sees as “one of the key competitive advantages” in the industry. The new company will the opportunity to cut costs. DSV’s EBITDA margin in 2018 was 7.9% to Panalpina’s 4.7%. The acquisition, which won’t complete until late 2019, will be subject to regulatory approvals. Its pricing power with container-lines m...