AMSTERDAM--TNT Express NV (>> TNT EXPRESS) Friday said it reached an agreement for the sale of 100% of the equity interest in TNT Airways SA and Pan Air Lineas Areas SA to ASL Aviation Group.
- The transfer is conditional on and will become effective immediately prior to completion of the proposed acquisition by United Parcel Service Inc (>> United Parcel Service, Inc.) of TNT Express.
- No financial details were provided.
- This change of ownership and control will ensure service continuity of the TNT Express operations after the completion of the proposed merger, in compliance with EU airline ownership and control rules.
- ASL Aviation Group has entered into a service contract that will maintain service continuity.
- ASL Aviation Group will become a key third-party provider of the combined UPS-TNT Express group and will be invited to bid for all of the combined group's outsourced air business in Europe when this becomes open to tender.
- Almost all employees of the airlines will stay with the airlines except for a small number of employees who will transfer to the TNT Express' Liège hub due to the nature of their work.
- TNT Express does not expect the airlines ownership transfer to impact activities at TNT Express' hub in Liège for at least one year following completion of the proposed UPS-TNT Express merger.
- By Amsterdam Bureau, Dow Jones Newswires; [email protected]
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