AMSTERDAM: February 05 2016. In anticipation of its acquisition by FedEx and to comply with EU ownership and control rules, TNT Express has confirmed it is to sell its airline operations TNT Airways and Pan Air Líneas Aéreas to the ASL Aviation Group in a multi-year service agreement. Terms of the deal are not disclosed.

TNT said ASL would become responsible for all flights operated by the two airlines, along with their employees, when the FedEx acquisition is completed. The company added that its aviation headquarters and Liège hub are not part of the agreement.

Tex Gunning, TNT CEO 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," he declared.

Based in Dublin, ASL owns and operates a fleet of around 100 aircraft (right) covering passenger and freight operations in Europe, Africa and Asia. The company reported revenues of €382 million in 2015.

ASL group chief executive Hugh Flynn noted: "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.”

Flynn said ASL would operate over 130 aircraft following the acquisition.