How DSV’s treasury integrated a landmark acquisition
Published: Sep 2026
Top Treasury Team
Highly Commended Winner
DSV A/S
Photo of Kristian Terling, HSBC, Theis Stig Jensen and Thomas Lindqvist Nielsen, DSV A/S.
Theis Stig Jensen
VP, Head of Group Treasury
Denmark
Headquartered in Hedehusene, Denmark, DSV is a global supplier of transport and logistics. The company has annual revenue of about €39bn and employs almost 160,000 employees in more than 90 countries.
in partnership with
Highly Commended in this year’s Top Treasury Team category is global logistics provider DSV, which embarked on an ambitious project to fund and integrate a major M&A transaction.
Completed on 30th April 2025, DSV’s €14.3bn acquisition of DB Schenker was the largest in the company’s history. The deal also created the world’s largest freight forwarder, with a combined revenue of around €39bn.
The judges were impressed not only by the scale of the project, but also by the team’s focus on collaboration and commitment to operational excellence.
Challenges and goals
The Schenker acquisition presented some significant challenges for DSV’s treasury team.
To complete the deal successfully, DSV needed to raise €5bn in equity, as well as issue €5bn in bonds. At the same time, the team needed to manage heightened liquidity demands and FX and interest rate exposures – all while preparing for the post-closing integration of disparate banking structures, cash pool and treasury systems.
The deal was expected to achieve significant synergies. But if the treasury team failed to secure flawless funding execution, regulatory compliance and seamless cash flow continuity, the company would be at risk of deal failure or operational disruption. It was therefore essential that the treasury team executed the company’s acquisition financing and integration roadmap successfully.
Unified treasury platform
From the start, the team’s major goal was to integrate two large, complex treasury organisations without impacting customers, cash flows or daily operations – a prospect that was made all the more challenging by disparate legacy systems and banking partners. The company adopted a country-by-country approach in order to minimise disruption.
The core execution involved securing diversified financing through a combination of equity issuance, multi‑tranche bond issuances, and committed credit facilities from BNP Paribas, Danske Bank, HSBC and Nordea. Reflecting best practice, this approach ensured funding certainty, diversification and competitive pricing.
In addition, DSV’s treasury designed and executed a unified treasury platform spanning two previously separate operations – an exercise that involved rigorous scenario planning for FX and liquidity risks. The resulting solution consolidates cash management, FX hedging, liquidity centralisation, banking structures, guarantees and in‑house banking across more than 90 operations.
During the project, the treasury navigated complex multi‑jurisdictional regulations, while managing volatile markets and currency risks. The implementation effort also involved close cross-functional collaboration with finance, legal teams, advisors and banking partners – all while integrating thousands of accounts and processes under intense time pressure.
Unlocking synergies
DSV’s treasury team successfully met its goals, executing the acquisition flawlessly. As a result, the company is on track to achieve expected synergies of DKK9bn annually by 2028. DSV has also reduced its funding costs, strengthened its balance sheet and freed up capital for reinvestment.
At the same time, DSV has harmonised its systems, policies and teams, with zero operational disruption to its daily cash flows or customer payments. Other benefits of the project include enhanced real-time cash visibility through APIs.
Much of the project’s success can be attributed to the strong leadership demonstrated by Theis Stig Jensen (VP, Head of Group Treasury) and Thomas Lindqvist Nielsen (Treasury Director), whose hands-on leadership included everything from late-night bond issuances to early-morning payment migrations.
Through transparent communication, cross-training programmes and constant problem solving, Jensen and Nielsen created a ‘one DSV treasury’ culture in which former Schenker colleagues felt valued and empowered. Today, employees across the combined group benefit from greater career opportunities, knowledge exchange and stability.
As a result of the project, DSV’s treasury has elevated its strategic role in supporting the company’s growth, while improving stakeholder confidence. Meanwhile, the wider benefits of the project include sustained employment across regions and more efficient global trade flows.
As Jensen concludes: “By deeply understanding both organisations, respecting their people, and building strong partnerships, we have created a treasury structure that works in practice – not just on paper – while supporting colleagues through change and setting DSV up for long‑term success.”
What the judges said:
“With strong leadership, innovative technology and plenty of collaboration, DSV’s team demonstrated how treasury can turn a landmark acquisition into value for all stakeholders.”
Francisco Sanchez-del Cura
Sales Head Nordics, Corporates, Global Payments Solutions, HSBC
HSBC is delighted to be working with DSV and to support its treasury team through a period of significant growth and change. Our experience helping multinational organisations manage complex, cross-border treasury activity has enabled us to partner with DSV on practical solutions that strengthen liquidity, improve cash visibility and support confident funding execution. Throughout a major integration programme, the focus has remained on maintaining resilient day-to-day operations while building a treasury set-up fit for DSV’s evolving operating model. This award is a strong recognition of the discipline, collaboration and pace demonstrated by DSV’s treasury team.
in partnership with
The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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