Herzog will acquire Israeli competitor Zim for $4.2 billion dollars.

Herbrot will acquire its Israeli competitor Zim Integrated Shipping Services for $4.2 billion in order to enhance its capacity. The German-based Herbrot announced on Monday that it has signed an agreement to acquire Zim for $35 per share in cash, a 58% premium over Zim's closing price of $22.20 on Friday. The total transaction price is approximately $4.2 billion and will be funded by cash reserves and up to $2.5 billion in external financing. Herbrot had previously stated on Sunday that they were in advanced negotiations with Zim for a deal.