Danish logistics giant DSV has won the bid to acquire DB Schenker, the rail logistics division of Deutsche Bahn (DB), for approximately €14 billion, according to sources from the DB railway sector and the German government, as reported by Reuters.

The acquisition, which still requires approval from DB’s supervisory board, will elevate DSV to the position of the world’s largest freight forwarder. CVC, the other finalist in the bidding race, had submitted a competitive offer but was ultimately outbid by DSV.

Union representatives had favored CVC’s bid, expressing concerns over potential job losses, as DSV has a history of workforce reductions following acquisitions. Schenker employs around 15,000 people in Germany, and DSV’s acquisition has drawn criticism over its possible impact on these jobs.

Deutsche Bahn is selling DB Schenker to fund its struggling domestic passenger services and reduce its mounting debt of €30 billion. This acquisition is part of DSV’s ongoing expansion strategy, following its recent purchases of UTi, Panalpina, and GIL, further solidifying its dominance in global logistics.

While CVC included additional incentives in its bid, DSV’s promise to invest €1 billion to improve Schenker’s profitability post-takeover gave it the winning edge. The final deal is expected to be formalized in the coming days.