The logistics industry has experienced a strong consolidation since the early 1990s. In this paper, the value implication of 200 logistics mergers and acquisitions (M&A) that have taken place between 1991 and 2006 is analysed by applying event study methodology. The impacts on acquirers, targets, and combined entities are examined and it is determined that significant positive abnormal returns can be realised. By assessing subsamples according to transactionbased success factors, it has been identified that operationally focusing transactions within the same product market are more successful than those that follow a diversification strategy. Crossborder mergers outperform national mergers within the same regional market. Transactions with a large volume are more successful than small ones.