October 1, 2012 / 9:01 AM / in 5 years

DSV to buy Dubai-based Swift Freight

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)

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