By Shivam Gujral and Benedict Murphy (University of Cambridge); Terry Zhang, Scarlet Park, and Krissa Mou (University of British Columbia) Photo: Philippe Oursel (Unsplash) Overview of the deal Acquirer:   Hapag-Lloyd AG Target:   ZIM Integrated Shipping Services Ltd. Implied Equity Value: US$4.2 billion Total Transaction Size : 100% of ZIM's shares at US$35.00 per share in cash - representing a 58% premium to ZIM's closing price on 13 February 2026, a 90% premium to its 90-