On 16 February 2026, Hapag-Lloyd (HLAG) announced the acquisition of ZIM at a valuation of USD 4.2bn i.e. USD 35 per share, which implies a 58% premium over ZIM’s closing price on Friday (13 February 2026). The transaction is at an implied P/B multiple of 1.0x, compared to HLAG’s current P/B of 1.2x and a P/B of 0.7x for Taiwan (China) based container shipping companies under our coverage. We believe the premium is on account of the asset-light business model of ZIM and due to competition from other players for ZIM’s assets.
HLAG will acquire 100% of ZIM’s shares, resulting in its delisting from the NYSE, where it listed in 2021. HLAG plans to finance the acquisition through the company’s existing cash reserves as well as through bridge financing. HLAG will undertake the acquisition together with FIMI Opportunity Funds, Israel’s largest private equity fund, which will become the holder of the golden share owned by the State of Israel. In addition, FIMI will acquire the ZIM brand and establish a new container line by acquiring 12 owned vessels and 4 chartered vessels from ZIM. These vessels will connect Israel to key markets in the Mediterranean and the US East Coast, thereby securing Israel’s maritime access.
HLAG’s ZIM acquisition to be completed by late 2026
The acquisition will increase HLAG’s total active fleet capacity from 2.4 mteu to 3.0 mteu after adding 101 vessels and 14 car carriers, while ZIM’s active fleet consists of 121 vessels of which 108 are chartered-in and 13 are self-owned. The merger agreement is subject to approval by a simple majority at the ZIM shareholders’ general meeting, as well as approvals from Israeli ministries and antitrust authorities in various jurisdictions. HLAG is optimistic about receiving regulatory clearances and expects the transaction to close by late 2026.
Market share expansion and cost savings to provide synergies worth USD 300-500mn per annum
The main synergy of this deal will stem from the significant capacity expansion of HLAG’s fleet, which would further consolidate its position as the 5th largest container carrier. This, in turn, will lead to a significant increase in transported volumes to 18.0 mteu in 2027, from 13.5 mteu in 2025 as per its preliminary 2025 business figures. This would also strengthen its market share across key trade routes, especially the Transpacific, where its market share would increase to 12% from 7% earlier, along with a significant uptick in intra-Europe presence
from 2% to 7% post-acquisition.
The acquisition is likely to provide a major boost to HLAG’s topline due to significant volume growth. In addition, HLAG intends to realise substantial cost savings from the acquisition of ZIM’s chartered fleet, which would provide greater operational flexibility. As a large portion of ZIM’s fleet is LNG-fuelled, the transaction is expected to generate additional cost savings, particularly as EU ETS regulations are anticipated to become more stringent this year. HLAG expects to realise synergies of USD 300–500mn from the transaction, which would significantly improve its EBIT margin. Given HLAG’s strong track record of successfully realising synergies from past mergers and acquisitions, the company is well positioned to capitalise on the current deal in our view.
Both ZIM and HLAG underperform Drewry Container Equity Index
HLAG’s share price is down 2.3% YTD as of 16 February 2026, underperforming the Drewry Container Equity Index (DCEI), which is up 2.3% over the same period. In contrast, ZIM’s share price is up 1.3% over the same period, outperforming HLAG, while still remaining below the DCEI.
Quick pathway to increasing the fleet size
A limited tonnage availability has kept container shipping asset prices firm in 2025 and YTD 2026, despite a weak spot freight environment. We believe this acquisition would provide HLAG with a quick pathway to scale up and improve its competitive positioning. Additionally, cost efficiencies arising from the integration of a largely chartered and LNG-powered fleet are expected to improve profitability. As a result, the deal if concluded, would financially strengthen HLAG, positioning it to better withstand the cyclical nature of the industry.
Source: Drewry
