Worldwide Flight Services and Fraport Cargo Services have completed their strategic partnership deal, under which WFS acquires a 51% stake in Fraport and will handle air freight at Frankfurt Airport.

“The closing of this major transaction is a milestone for WFS,” said Olivier Bijaoui, executive chairman, president and CEO of WFS. “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.”

Michael Müller, executive board member and executive director of labour relations at Fraport, said that the aims of this partnership are to expand Fraport’s presence in “the rapidly moving and highly competitive air cargo industry, to achieve sustainable success, and to strengthen Frankfurt’s role as Europe’s leading air cargo airport in the international logistics chain.”

WFS and Fraport signed the agreement in July 2015.