FDX FedEx Corp

TNT Express N.V. (TNTE.AE) said Friday it is selling its airline operations--TNT Airways and Pan Air Lineas Aereas--to ASL Aviation Group for an undisclosed sum.

The delivery service firm said the sale is conditional on the completion of FedEx's intended acquisition of TNT, which is expected in the first half of 2016. It is another step towards closing of the FedEx offer to acquire TNT, it added.

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 Aviation Group will continue to serve multiple airline customers, TNT said.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

February 05, 2016 09:34 ET (14:34 GMT)

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