World Freight Services closes deal with Fraport AG

Fraport AG sold a 51 percent share in its Frankfurt-based subsidiary Fraport Cargo Services GmbH to World Freight Services, the largest independent air cargo handler.    World Freight Services (WFS), the largest independent air cargo handler, acquired a 51 percent share in Fraport AG’s subsidairy Fraport Cargo Services GmbH (FCS), the companies jointly announced.
   The agreement was reached in July and the transaction was completed on Monday.
   Fraport AG retained a 49 percent share in FCS, which is the largest airline-independent cargo handling provider at Frankfurt Airport in Germany. FCS handles approximately 500,000 metric tons of airfreight per year.
   WFS, which has a presence at more than 145 major airports in over 22 countries, handles over 4 million tons of cargo per year.
   “The closing of this major transaction is a milestone for WFS,” WFS Executive Chairman, President and CEO Olivier Bijaoui said in a statement. “Synergizing our combined strengths and expertise, we will further position the joint FCS company as the biggest cargo handler at one of the world’s most important cargo hubs. This collaboration will build upon FCS’ decades of successful operations in the dynamic air cargo handling market.”