NautaDutilh represented FedEx Corporation (FedEx) with the sale of the airline operations of TNT Express N.V. (TNT Express), comprised of TNT Airways (Belgium) and Pan Air Líneas Aéreas (Spain) to ASL Aviation Group (ASL). The sale results in the transfer of 35 aircrafts and 580 employees and multiple contracts.
The sale of TNT Airways (Belgium) and Pan Air Líneas Aéreas (Spain) is a consequence of the FedEx offer to purchase all shares of TNT. Under European Union rules, no company based outside the EU can operate a European airline. On 18 May 2016, the FedEx offer to acquire TNT was declared unconditional and as a consequence, the sale of the airlines needed to close before the settlement of the FedEx offer (on or about 25 May 2016).
In conjunction with the transaction, FedEx/TNT has entered into a multi-year service agreement with ASL whereby ASL will continue to operate flights for the new FedEx/TNT combination.
The employees’ current terms and conditions of employment will be respected and it is intended that the TNT Airways facilities in Liège and Madrid will be maintained.
There will be no service interruption as ASL has immediately taken over the flights operated by TNT Airways and Pan Air Líneas Aéreas. In addition to continuity of service delivery, this change of ownership and control of TNT’s airline operations ensures compliance with EU airline ownership and control rules.