Danish shipping company Maersk Line has completed the €3.7bn acquisition of German container line Hamburg Süd after receiving the final regulatory approval.

Initially agreed last December last year, the transaction included regulatory approval process in 23 jurisdictions.

The process concluded with the receipt of approval of the acquisition by the Korea Fair Trade Commission.

“We will reinforce the global positions of both companies and enhance our service offers towards customers.”

Through the transaction, the two companies aim to achieve operational synergies of around $350m-$400m a year from 2019.

A.P. Moller – Maersk CEO Søren Skou said: “With the final approval of the acquisition, we have reached an important milestone in our strategy to become an integrated transport and logistics company delivering sustainable growth.

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“By combining our two businesses, we will reinforce the global positions of both companies and enhance our service offers towards customers.”

Apart from operational synergies, the company intends to realise commercial opportunities through the acquisition.

The combination is expected to offer customers improved market coverage, direct services and additional benefits through a combined global network.

Hamburg Süd CEO Arnt Vespermann said: “We will strengthen Hamburg Süd in the global playing field and grow our market share together. At the same time, we will continue serving our customers as a separate brand.”

Maersk Line will be able to increase its container capacity of 4.15 million twenty-foot equivalent units (TEU).

With the addition of 105 Hamburg Süd vessels, the company will have a combined fleet of around 772 vessels.