Aviation services suppliers ICTS International NV (Nasdaq: ICTS) and Frankfurt-based Fraport AG announced on Friday that they had started negotiations for Fraport to acquire the remaining 55% of ICTS Europe's shares. Earlier this year, Fraport purchased 45% of ICTS Europe.
ICTS said the sale would also allow it to focus on its US aviation security operations and introduce enhanced technologies to the aviation security market at large. The deal is expected to be signed next month and to go into effect on January 1, 2002.
Fraport and ICTS intend to cooperate in developing and introducing technologies to the aviation security market.
ICTS president and CEO Lior Zouker said, “The completion of the sale of our European operations to Fraport and extension of our technological cooperation with Fraport will enable us to play a major role as a supplier of technological solutions to the aviation security market.”
Fraport CFO Johannes Endler said, “We are on the move to become Europe's largest provider of airport security and to react to the customers' needs as fast as possible.”
ICTS International operates primarily in Europe and the US, providing passenger handling related services to major carriers. ICTS has offices in close to 90 airports, most of which are international gateways, and employs 10,000 people.
ICTS shares closed on Nasdaq Friday at $7.90.
Published by Israel's Business Arena on 18 November, 2001