Fraport Security Services, a unit of airport operator Fraport, has agreed to sell its majority stake in passenger screening firm FraSec Luftsicherheit to facility services provider Sasse Group.
This strategic alliance between FraSec Luftsicherheit and Sasse aims to offer the ‘highest quality’ standards in aviation security.
Initially, the deal involves divesting a 26% interest in FraSec Luftsicherheit, which is expected to take effect on 1 January 2022. This awaits clearance from competition authorities and the firms’ boards.
After a year, Sasse will purchase an additional 25% stake, effective 1 January 2023, to hold a total of 51% stake in FraSec Luftsicherheit.
This partnership is expected to fortify FraSec Luftsicherheit’s competitive position for the upcoming years.
The deal will support the German airport operator, which, starting from 1 January 2023, will take over the responsibility of managing passenger screening at Frankfurt Airport (FRA) from the German Ministry of the Interior (BMI).
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It will also be in charge of choosing service providers to be contracted for carrying out security checks at the airport.
In a statement, Fraport said: “Founded on July 1, 2021, FraSec Luftsicherheit GmbH was spun off from the FraSec parent company within the scope of a corporate restructuring programme. Since then, the passenger screening company has been bundling all aviation security services required under Section 5 of Germany’s Aviation Security Act (LuftSiG).”
Due to its new ownership structure, FraSec Luftsicherheit can join in future tender procedures at Frankfurt Airport according to the German competition law.
In July, Fraport announced that it will obtain nearly $189.8m (€160m) as compensation for sustaining operational readiness at Frankfurt Airport during the first Covid-19 lockdown last year.