January 28, 2016 9:25 AM, EST

DSV Completes Acquisition of UTi Worldwide

Danish supply chain manager and freight forwarder DSV Group said it has completed its acquisition of Long Beach, California-based forwarder UTi Worldwide for $1.35 billion.

UTi had been publicly traded on Nasdaq. It ranks No. 9 on the Transport Topics Top 50 list of logistics companies.

DSV said it paid $7.10 a share to UTi stockholders and assumed responsibility for UTi’s debt.

For the nine months ended Oct. 31, UTi’s final quarterly report with the Securities and Exchange Commission, the company had total revenue of $2.77 billion and net revenue after purchased transportation costs of $996.2 million.

The nine-month net loss was $136.7 million, or $1.39 a share.

"With our united network, we will create exciting opportunities for both customers and employees,” said DSV CEO Jens Bjørn Andersen in the Jan. 22 announcement. “We will now commence the integration process while taking care to maintain a high service level towards all customers. As we move forward, the commercial activities of DSV and UTi will continue under the DSV brand."