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A.P. Moller – Maersk (Maersk) today announces its intended acquisition of Senator International, a renowned global freight forwarding company with a strong air freight offering. To strengthen its own air transport network, Maersk is expanding its operations with three leased cargo aircraft, which are expected to be operational by 2022, and two new Boeing freighters to be deployed by 2024.
(Kopenhagen) To accelerate its product offering, which integrates logistics, sea, rail, and air, Maersk intends to acquire Senator International, a company with a renowned operational air freight platform with its own controlled capacity and operations in Europe, Asia, South Africa, and America. Additionally, Maersk is purchasing two new B777F and leasing three B767-300 cargo aircraft. To operate and manage this additional capacity, the cargo airline Star Air – Maersk’s in-house air freight operation established in 1987 – will be key in supporting Maersk’s logistics offering.
“As a global provider of integrated logistics, Maersk enhances its ability to offer our customers a one-stop shop and end-to-end logistics functions. We have strengthened our integrated logistics offering through e-commerce logistics acquisitions, technology investments, and expanding our warehousing presence, and as a natural next step, we have significantly increased our air freight capacities and created a broader network to better meet customer needs,” explains Vincent Clerc, Executive Vice President and CEO of Ocean & Logistics, A.P. Moller – Maersk.
Creating a Strong Air Platform with Senator
Senator has built a strong air freight service focused on its own controlled capacity, conducting nineteen weekly flights across its network. Senator operates a significant portion of its business through a dedicated air bridge, ensuring a high level of service for its customers. This focus on self-controlled capacities is highly aligned with Maersk’s air freight strategy.
Broader Positioning
“Founded in 1984 by my father Uwe Kirschbaum, Senator has developed into a major global freight forwarder. Our employees have always provided our valued customers with first-class services. Senator’s own controlled air freight products launched in 2016 and have proven to be a success story. Our customers appreciate our reliability – especially in challenging times during the pandemic. By joining Maersk, we firmly believe that we will be able to deliver an even broader portfolio with our own controlled air capacity as well as in other transport modes,” says Tim-Oliver Kirschbaum, CEO and shareholder at Senator.
The German company brings a technological advantage with its core operating platform Cargo Wise One, a state-of-the-art yet user-friendly single system that will accelerate integration with Maersk’s air and LCL (Less than Container Load) products.
Transaction of Approximately USD 644 Million
The enterprise value of the transaction based on IFRS 16 is approximately USD 644 million, which corresponds to a multiple of 8.0x based on the pro forma adjusted EBITDA for 2021. The transaction is subject to closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2022.
Maersk’s goal is to transport about one-third of its annual air freight tonnage within its own controlled freight network. This will be achieved through a combination of owned and leased aircraft that replicate the structure of the company in its ocean fleet. The remaining capacity will be provided by strategic commercial airlines and charter operators.
Photo: © Maersk
