Three banks selected for DB Schenker sale
09 / 03 / 2023
Photo: DB Schenker
Deutsche Bahn has appointed three banks as it moves forward with the sale of its freight forwarding subsidiary DB Schenker, according to Reuters’ sources.
The report said that the rail group has chosen Goldman Sachs, Morgan Stanley and Deutsche Bank for the sale.
Final details on the sale are still being decided, the sources said.
Deutsche Bahn and the banks will meet in Berlin at the end of this week, one of the sources said.
In December last year, Deutsche Bahn said it has assigned its management board to examine and prepare the case for a potential sale of up to 100% of its shares in DB Schenker.
The company said it was selling the forwarding business to enable it to focus on its core rail business.
The sale of the company, which is ranked fourth globally in terms of airfreight volumes, is valued at around €12bn to €20bn.
In the first half of 2022, DB Schenker generated €1.2bn in operating profit, the best mid-year result in the company’s 150-year history.
The company offers land, air and ocean transport services and employs 76,100 people across 1,850 locations in more than 130 countries.
Previous speculation on a potential sale has persisted for years, with rumours of a sale most recently resurfacing in September 2022.
As recently as 2021 DB Schenker had said there were no plans to sell the company.
No potential buyers have been named yet.
Air Cargo News has contacted DB Schenker for comment.