Hapag-Lloyd ZIM Acquisition Draws Regulatory Scrutiny

Hapag‑Lloyd on February 16, 2026, signed a merger agreement to acquire ZIM Integrated Shipping Services, expanding its global footprint. The transaction awaits shareholder and State of Israel regulatory approval before closing in late 2026.

Deal Terms, Approvals, and Structure

ZIM said in its February 16 press release that Hapag‑Lloyd will acquire the company for $35.00 per share in cash, valuing ZIM at about $4.2 billion. The offer represents a 58% premium to ZIM’s February 13 closing price, roughly a 90% premium to the 90-day volume-weighted average price, and about a 126% premium to an unaffected $15.50 price on August 8, 2025. Under the agreement, Hapag‑Lloyd will take over ZIM’s international operations, which include 99 chartered vessels serving key routes across the Transpacific, Intra-Asia, Atlantic, Latin America, and East Mediterranean.

FIMI Opportunity Funds will form an Israeli-incorporated entity called "New ZIM" to operate national Israeli routes from its Haifa headquarters. New ZIM will manage 16 owned vessels, assume the Special State Share obligations, and retain the ZIM trademark outside Israel. It will also receive commercial support from Hapag‑Lloyd and access to its Gemini network.

ZIM’s board unanimously approved the deal after a lengthy session. The company will file proxy materials and a proxy card with the SEC. Both companies will continue to operate independently until closing. ZIM engaged Evercore for a fairness opinion, Barclays for a second opinion, Meitar and Skadden for legal counsel, and Rothschild & Co to manage the tender process.

The transaction depends on shareholder approval and regulatory authorizations, including from the State of Israel. Israeli regulations require clear organizational separation between Hapag‑Lloyd and New ZIM and prohibit side agreements. The deal rests on a binding memorandum of understanding with FIMI that allocates national obligations. Labor unions in Israel expressed surprise at the deal and flagged potential industrial action.

ZIM’s public filings list risks including shareholder or regulatory rejection, costs and delays, litigation, a possible termination fee, and employee retention challenges.

Combined Scale and Strategic Impact

The combined company will operate more than 400 vessels with over 3 million twenty-foot equivalent units (TEU) of capacity. It is projected to handle more than 18 million TEU of annual cargo in 2027, making Hapag‑Lloyd the world’s fifth-largest container carrier. The structure preserves a significant Hapag‑Lloyd presence in Israel and envisions long-term employment for ZIM staff, with New ZIM operating national routes commercially supported by Hapag‑Lloyd.

As of the third quarter of 2025, ZIM reported a fleet of 129 vessels, including 115 container ships (99 chartered and 16 owned) and 14 chartered car carriers.

ZIM President and Chief Executive Eli Glickman said, "I am incredibly proud of the strategic transformation we have executed at ZIM over recent years, which has generated exceptional value for our shareholders."