Denmark's DSV buys Deutsche Bahn subsidiary Schenker for €14.3bn

Danish logistics company DSV has struck a deal to buy DB Schenker, the logistics subsidiary of Germany's rail operator Deutsche Bahn (DB), for €14.3 billion ($15.8 billion).

The sale is due to be concluded during the course of the coming year, both firms announced on Friday.

As state-owned DB itself faces financial troubles, DB Schenker has performed well when it comes to its bottom line.

DB said on Friday that it intends to use the proceeds from the sale to cut its debt and "make a substantial contribution to the financial sustainability of the firm."

Earlier this week it was reported that two parties had made offers for DB Schenker: DSV and investor CVC Capital Partners.

Workers at DB Schenker have demonstrated amid concern about losing their jobs as part of a takeover deal.

The deal with DSV is said to include a commitment to protect jobs until 2027.