Deals
TNT Express to Sell Airline Operations to Secure UPS Deal
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TNT Express NV agreed to sell its airline operations to ASL Aviation Group Ltd. in an effort to safeguard a deal to combine with United Parcel Service Inc.
The transaction is conditional on the completion of UPS’s proposed 5.16 billion-euro ($6.58 billion) purchase of TNT, the Hoofddorp, Netherlands-based the package-delivery company said today in a statement. Financial terms were not disclosed.