DFDS A/S (CPSE:DFDS) agreed to acquire International transport network of Ekol Logistics from Ekol Lojistik AS for DKK 1.9 billion on July 28, 2023. DFDS acquires the Company for a debt-free price of DKK 1.9 billion (EUR 260m) equal to an EV/EBITDA multiple of 7.6x based on 2023 earnings and an EV/Sales multiple of 0.55x based on 2023 sales. The transaction will be financed by a combination of loan financing and use of existing cash funds.

Completion of the transaction is conditional upon EU merger control approval and usual contractual conditions. As announced on 28 July 2023, the transaction has been approved by the Turkish Competition Authority. Closing is expected around the beginning of fourth quarter 2024.