International shipping giant DHL announced Tuesday it had bought the international delivery line of Israel's Flying Cargo. The $100 million deal is pending approval by the Israel Antitrust Authority.
The Flying Cargo Group was formed in 1982 by Avi and Danny Reich, providing international delivery services, as well as various shipping, logistics and cargo insurance services.
Once the sale is finalized, the Reich brother will remain owners of the Flying Cargo Group's other divisions.
DHL, one of the world's leading international delivery companies, with some 220 bases around the world, is not expected to make far-reaching changes in Flying Cargo's international delivery division's management.
"The fact that the world's leading shipping company decided to buy Flying Cargo is a testimony of trust in the company's line, its management and its employees," said Danny Reich.
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