TNT Express to sell TNT Air if UPS-TNT merger okayed by objecting EU

TNT EXPRESS has announced it will complete the sale of its unit TNT Airways and Pan Air Lineas Areas to ASL Aviation Group if the troubled UPS-TNT Express merger wins approval from the objecting EU competition authorities.

ASL Aviation Group is an established European group of aviation companies of three airlines, two support and leasing companies. ASL Aviation holds a European air operator licence and owns a fleet of 90 aircraft. Compagnie Maritime Belge owns 51 per cent of ASL Aviation Group with 49 per cent held by 3P Air Freighters Ltd.

Said ASL Aviation CEO Hugh Flynn: "I look forward to working with the highly skilled and dedicated TNT airlines team as we build the airlines for the future. Additionally, the transaction provides ASL with new opportunities for development and growth".

Under the scheme, ASL Aviation has contracted to maintain service continuity, later becoming a third-party provider of the combined UPS-TNT Express group and to be invited to bid on tenders for combined group's outsourced air business in Europe at a later date.

Said TNT Express CEO Bernard Bot: "We are grateful to the employees of TNT Airways and Pan Air for their outstanding contribution to TNT Express. We have found a new ownership and control structure that secures the future of the airlines, ensures service continuity and safeguards jobs in Liege. This is an important step towards completion of the proposed UPS-TNT Express merger and a positive outcome for the airline employees."