TNT to sell airline operations to ASL
TNT Express has signed a conditional agreement to sell TNT Airways and Pan Air Líneas Aéreas to ASL Aviation Group. The deal is dependent on the completion of FedEx’s intended acquisition of TNT, which is expected to go ahead in the first half of 2016.
In a statement issued today (5 February), TNT Express said that the change of ownership and control of TNT’s airline operations will “ensure continuity of service delivery as well as compliance with EU airline ownership and control rules” and will be “another step towards closing of the FedEx offer to acquire TNT”.
As part of the agreement, ASL Aviation Group will take over the flights operated by TNT Airways and Pan Air Líneas Aéreas from the moment the sale is completed, and employees of TNT Airways and Pan Air Líneas Aéreas will become part of ASL Aviation Group.
ASL Aviation Group expects the airlines will maintain contracts with partner airlines, contractors and suppliers. In conjunction with the transaction, ASL Aviation Group has entered a multi-year service agreement with TNT to operate flights for the intended FedEx-TNT combination.
Tex Gunning, Chief Executive Officer of TNT, said: “I am really happy to report that great progress is being made in planning the integration of FedEx and TNT. In anticipation for closing, we had to find a new owner for TNT’s airlines to comply with aviation regulations. With ASL Aviation Group, we have found an experienced aviation group that can meet the high service standards that we have implemented at TNT over the last two years.”
Hugh Flynn, Group Chief Executive of ASL Aviation Group, added: “We are delighted to agree on this key strategic step in our growth and it underlines our commitment to be the preferred neutral aviation services provider to the intended FedEx-TNT combination once the transaction closes.”
TNT’s Liège hub (Eurohub) is not part of the airlines sale. It will be maintained as a significant operation for the intended FedEx-TNT combination.
ASL Aviation has been interested in acquiring TNT’s airline operations for some time. It had a conditional agreement with TNT in 2012 when TNT was in line to be bought by UPS – but then the UPS/TNT deal hit the buffers and ASL’s plans to take over TNT’s airlines had to be put on ice too.
