TNT Express has agreed to sell its two airlines, TNT Airways and Pan Air Líneas Aéreas, to Dublin-based ASL Aviation Group. The sale will take effect once FedEx’s acquisition of TNT is completed, probably around mid-year. Both airlines will continue to operate on behalf of FedEx-TNT. TNT Express needs to divest itself of its airline operations as European Union regulations require airlines to be at least 50% owned and effectively controlled by one or more EU member states and/or nationals of EU member states. The deal includes the transfer of the aircraft operated by the two airlines. TNT Airways recently ended BAe 146QT operations, but Pan Air operates nine examples of the type (one series 200QT and eight series 300QTs). ASL had previously agreed to buy TNT Airways and Pan Air in 2012, when UPS was to acquire TNT Express, but the transaction fell through when UPS abandoned the planned purchase.