ASL Airlines Australia agrees to acquire Airwork's New Zealand and Australia freight business

Irish-owned freight operator ASL Airlines Australia has signed a sale-and-purchase agreement to acquire the New Zealand and Australia freight operations of Airwork Holdings, extending the group's presence across the Australasia region in a deal whose terms were not disclosed.

According to Air Cargo News Net, the proposed transaction remains subject to the completion of final-stage due diligence and customary conditions. ASL Airlines Australia chief executive Stefan Oechsner described the deal as an exciting development for the operator and a welcome step forward in its regional operations.

Airwork Holdings excluding its Airwork Flight Operations, Airwork Personnel and AFO Australia businesses, entered receivership in July 2024, followed by certain assets of Airwork Ireland in September of that year. The group's financial difficulties stemmed from the loss of five leased Boeing 757 aircraft stranded in Russia following the invasion of Ukraine, compounded by the loss of customers and unsustainable debt levels. Five aircraft remain under what Airwork described as the illegal control of a Russian operator and are the subject of an ongoing insurance claim.

ASL Airlines Australia was formerly known as Pionair Australia, acquired by ASL Aviation Group in 2023 and rebranded to align with other ASL units. The carrier currently operates eight aircraft, comprising Boeing 737-800 converted freighters, Boeing 737-400s and BAe 146 variants, offering ACMI and charter services across Australian and Oceania markets.

The acquisition of Airwork's freight operations would add established route networks and customer relationships in New Zealand and Australia to ASL's existing platform, consolidating the group's position as a significant freight operator across the southern hemisphere.

ASL Aviation Group is headquartered in County Clare, Ireland, and operates cargo and passenger services across Europe, Africa and the Asia-Pacific region.

Get the full transaction details and background on Airwork's receivership in the full report.