The Frankfurt airport operator Fraport AG is selling 26 percent of its subsidiary FraSec Luftsicherheit GmbH to competitor Dr. Sasse AG. The transaction is expected to take place towards the end of this year.
Fraport AG's stake is expected to drop to 49 percent towards the end of next year, as it has already been agreed that Dr. Sasse AG will then buy a further 25 percent. Then the new partner will hold a majority of 51 percent.
There is a sophisticated strategy of the Fraport management behind this sale. From 2023, the identity checks will be carried out independently, but under the supervision of the authorities. If you want to outsource the activity to a subcontractor, then for legal reasons it cannot be a wholly-owned subsidiary.
In order to "avoid" this problem, Fraport AG has brought in a partner in the area of security. This gradually takes over the majority, so that FraSec Luftsicherheit GmbH is allowed to carry out the control activities. The deal, which affects around 1.500 employees, is still subject to approval by the responsible antitrust authorities.