Ireland's ASL Aviation Group has completed its acquisition of former TNT Express units TNT Airways (Liège) and PAN Air (Madrid Barajas) four months after the purchase was first announced.

The two airlines, which will now be renamed ASL Airlines Belgium (3V, Liège) and ASL Airlines Spain (Madrid Barajas) respectively, were disposed of as part of FedEx's USD4.8 billion takeover of Dutch firm TNT Express. As such, in conjunction with the transaction, ASL Aviation Group has entered into a multi-year service agreement to operate flights for the new FedEx-TNT combination.

ASL says it will maintain the TNT Airways facilities in Liège, Belgium and Madrid Barajas, Spain as the corporate offices of ASL Airlines Belgium and ASL Airlines Spain. TNT Express’ Liège hub (Eurohub) is, however, not part of the airlines' sale.

TNT Airways operates six B737-300(F)s (four of which are leased from Bluebird Cargo (Reykjavik Keflavik)), twenty-one B737-400(F)s (some leased from Bluebird Cargo and Jet Time (2006) (Copenhagen Kastrup)), four B747-400(F)s (two in service for Emirates (EK, Dubai International)), three B757-200(PF)s (one leased from Cygnus Air (RGN, Madrid Barajas)), one B757-200(M) (in service for NATO - North Atlantic Treaty Organization (OAN, Geilenkirchen)), three B767-200(F)s (leased from West Air Sweden (Gothenburg Landvetter)), and three B777-Fs.

For its part, PAN Air operates one BAe 146-200(QT) (for TNT Airways) and eight BAe 146-300(QT)s (in service for TNT Airways).