ASL Aviation (ASL) reached an agreement with TNT Express NV (TNT Express) for the acquisition of 100% of the equity interest in TNT Airways SA (TAY) and Pan Air Lineas Areas SA (PNR). The transfer is conditional on and will become effective immediately prior to the completion of the proposed UPS-TNT Express merger.
This transaction represents a unique opportunity for ASL to be in a position to provide services to the major integrators and assert itself as the neutral provider of airline services to the major express integrators in Europe.
Additionally, the transaction provides ASL with opportunities for development and growth not otherwise envisaged in ASL’s current business strategy.
As from the moment of change of ownership and control the newly acquired business will contribute positively to the results of ASL.
ASL is a joint venture between CMB (51%) and 3P Air Freighters (49%) (a private equity fund managed by Petercam).