The acquisition is based on a revised set of terms agreed since the termination of the share purchase agreement on 1 November 2024. The main change in terms relates to the amount of debt included in the transaction. In addition, DFDS now has an option to extend the duration of the terminal agreement with Yalova Port.

The Company transports goods between Türkiye and Europe with own offices and facilities in 10 European countries. More than half of transports provided are intermodal using combinations of road, ferry, and rail making the Company the largest customer of DFDS' Mediterranean ferry route network.

"DFDS' acquisition of Ekol's international transport network greatly enhances our ability to provide a reliable and efficient transport infrastructure supporting Türkiye's continued growth as a manufacturing hub. Given the revised terms, well prepared business plans, and the strength of our expanded network, we are well positioned to protect and grow our Mediterranean business", says Torben Carlsen, CEO of DFDS.

"The strategic logic of the sale of Ekol Logistics' international transport network to our longstanding partner DFDS is compelling. On behalf of all my great colleagues, I'm therefore very pleased we came together again and forged a revised agreement. A new growth story can begin", says Ahmet Musul, founder and Chair of the Board of Directors of Ekol Logistics.

The Company's transport network builds on a partnership since 2019 with DFDS through a long-term customer agreement providing stable access to ferry capacity in the Mediterranean route network.

Transaction structure and financing

DFDS acquires the Company for a debt-free price of DKK 1.8bn (EUR 240m) equal to a EV/Sales multiple of 0.55x based on revenue for Q3 2024 LTM. The Company has since April 2024, due to the decline in earnings and asset investments, incurred additional debt that has been excluded from the revised agreement. The transaction's equity value of DKK 1.5bn (EUR 205m) is unchanged compared to April 2024.
The transaction is financed by a combination of loan financing and use of existing cash funds.
All relevant regulatory approvals have been received.

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