UTi Worldwide Agrees To Be Acquired By DSV For $1.35 Bln Cash

(RTTNews) - UTi Worldwide Inc. (UTIW), a supply chain services and solutions provider, Friday said it has entered into a definitive agreement to be acquired by Denmark-based DSV for $7.10 in cash per ordinary share, in a transaction valued at about $1.35 billion.

DSV supplies transport and logistics services. The offer represents a 50 percent premium relative to UTi's closing trading price on October 8.

The transaction was unanimously approved by both UTi's and DSV's Boards of Directors.

The acquisition is expected to be completed between January 1, 2016 and March 31, 2016.

The transaction has fully committed financing and is not subject to any financing conditions.

Morgan Stanley & Co. LLC is serving as financial advisor to UTi in connection with the transaction. Cravath, Swaine & Moore LLP is serving as legal advisor to the company for the deal.