DSV, a Danish logistics group, completed the acquisition of Panalpina, a provider of forwarding and logistics services, for $5.5bn. The Board of Panalpina recommended the DSV offer on April 1, 2019. Pursuant to the offer, DSV paid 2.375 DSV shares for one Panalpina share. This exchange ratio represents a premium of approximately 43% to the closing price of Panalpina shares on 15 January 2019, the day before DSV’s initial proposal was published. "We are very excited to welcome Panalpina’s customers, employees and shareholders to DSV. Our two companies will achieve more together, creating even more value for all our stakeholders. The settlement of the deal marks the beginning of the integration process, during which we will strive to provide the high level of service our customers know and rely on,” Jens Bjørn Andersen, DSV CEO.