The deal was struck as part of the ongoing FedEx-TNT acquisition process, which is contingent upon the sale of TNT Express’s two air carriers – TNT Airlines and Spain-based Pan Air Lineas Aereas – in order to conform with European restrictions on airline ownership. Under EU rules, foreign investors cannot own more than 49 percent of a European airline, and control of the company must remain in EU hands.

ASL is a global cargo, passenger and leasing company, which will continue to operate flights for TNT following its acquisition by FedEx under a multi-year service agreement. Its fleet will grow from 90 to 130 aircraft after the sale. ASL acquired Farnair last year, and rebranded all four of its carriers, which are now called ASL France, ASL Ireland, ASL Airlines Switzerland and ASL Hungary (formerly Farnair).

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