ASL Aviation Group (ASL) has reached agreement to acquire the airline operations of TNT Express N.V. (TNT), comprised of TNT Airways (Belgium) and Pan Air Lineas Aereas (Spain). The agreement is conditional on the completion of the intended acquisition of TNT, which is expected in the first half of 2016. The change of ownership and control of TNT's airline operations will ensure continuity of service delivery as well as compliance with EU airline ownership and control rules. As part of the agreement, ASL will take over the flights operated by TNT Airways and Pan Air Lineas Aereas from the moment the sale is completed. ASL Aviation Group expects that the airlines will maintain contracts with partner airlines, contractors and suppliers. In conjunction with the transaction, ASL Aviation Group has entered a multi-year service agreement with TNT to operate flights for the intended FedEx-TNT combination. ASL will continue to serve multiple airline customers. Upon completion of the airline acquisition employees of TNT Airways and Pan Air Lineas Aereas will become part of ASL Aviation Group. The employees' current terms and conditions of employment will be respected and it is intended that the TNT Airways headquarters in Liege will be maintained. TNT operates a fleet of about 35 aircraft and also uses about 20 aircraft on wet leases to supplement its operations. TNT Airlines have about 580 staff including air crew and ground staff. TNT's Liege hub (Eurohub) is not part of the airlines sale.