Transaction marks one of the largest private equity exits in the air cargo services sector as Brookfield targets technology-led expansion across the global GSSA marketBrookfield Asset Management has agreed to acquire World Freight Company(WFC), one of the world’s largest air cargo general sales and service agent (GSSA) platforms, from private equity firms PAI Partners and EQT in a transaction valued at approximately US$1.2 billion, according to statements released by the parties involved.The acquisition, announced on May 14, is expected to close before the end of 2026, subject to customary regulatory approvals and closing conditions. The deal represents one of the most significant ownership changes in the outsourced air cargo sales sector in recent years and highlights growing investor interest in infrastructure-linked logistics businesses serving global trade lanes.Founded in Paris in 2004, World Freight Company has grown into one of the most influential commercial cargo platforms in aviation, representing more than 300 airlines across 3,500 trade lanes while serving over 16,000 freight forwarders in more than 80 countries. The company provides outsourced cargo sales, booking management, shipment coordination, revenue optimisation, and handling oversight for airline customers worldwide. Operating through a portfolio of GSSA and cargo management businesses across Europe, Asia Pacific, the Americas, the Middle East, and Africa, WFC has become a critical intermediary between airlines seeking market access and freight forwarders requiring capacity across increasingly fragmented global supply chains.
Strategic bet on air cargo services
Brookfield said the acquisition aligns with its strategy of investing in essential global services businesses positioned within resilient infrastructure ecosystems.In Brookfield’s official announcement, Alex Yang, Managing Partner, Private Equity, described WFC as a strategically positioned platform within global logistics.“World Freight Company is a high-quality platform operating in a critical segment of the resilient global air freight ecosystem, supported by long-standing customer relationships.”“With its global scale, local capabilities, and leading market position, WFC is well positioned to benefit from industry consolidation. We look forward to supporting the business by applying our operational playbook—investing behind technology and strengthening commercial execution—to support its next phase of growth.” Headquartered in New York, Brookfield Asset Management manages over US$1 trillion in assets spanning infrastructure, energy transition, private equity, real estate, and credit, with existing investments across ports, logistics facilities, rail, and industrial infrastructure worldwide.Brookfield’s logistics exposure includes UK port operator PD Ports and multiple warehousing, distribution, and industrial infrastructure assets across global trade corridors, making WFC a natural extension of its supply chain portfolio.
Transformation under private equity ownership
Since acquiring WFC in 2018, PAI Partners and EQT have overseen a significant transformation of the business, supporting 20 acquisitions, geographic expansion, and major investments in operational digitisation, automation, and AI-enabled cargo management capabilities. Guillaume Leblanc, Partner at PAI Partners, described the period as transformational.“We are proud to have partnered with WFC, its management team and EQT during such a transformational period for the company.”“During our investment, WFC completed 20 acquisitions and has developed into a truly scaled global platform with differentiated digital and operational capabilities.”EQT’s Janice Leow, Head of Private Capital in Southeast Asia, added that the company had significantly expanded its international footprint while strengthening its customer offering through digital investments.
Next chapter for WFC
For WFC management, the transaction signals the start of another expansion cycle, this time backed by one of the world’s largest long-term infrastructure investors.Vikram Singh, Group Chief Executive Officer of WFC, said the business is now positioned for accelerated growth.“We would like to thank PAI and EQT for their support and partnership over the past several years.”“Together, we have materially strengthened WFC’s platform, expanded our capabilities and continued to invest in innovation and customer service. We are excited to partner with Brookfield as we continue executing our growth strategy and supporting our airline and freight-forwarding customers globally.”The transaction was advised by Deutsche Bank as lead financial adviser to the sellers, while Freshfields acted as legal adviser to EQT.
Consolidation gathers pace
The acquisition comes at a time when the air cargo industry is undergoing rapid structural change, driven by geopolitical volatility, fluctuating fuel prices, digital transformation, and increased demand for outsourced commercial services.As airlines seek to reduce fixed costs while expanding network reach, GSSA platforms such as WFC have become increasingly strategic, managing cargo sales, market penetration, and operational execution across hundreds of international markets.Brookfield’s entry into the segment is expected to intensify consolidation across the fragmented GSSA sector, where scale, data visibility, and technology integration are becoming decisive competitive advantages.With over 300 airline relationships, thousands of trade lanes, and access to virtually every major cargo corridor, WFC now enters its next growth phase under an owner whose investment strategy increasingly centres on businesses powering the movement of global trade.
