ASL Airlines Australia (PH, Sydney Bankstown) has entered into a conditional sale and purchase agreement to acquire the New Zealand and Australia freight business of Airwork Group, the carrier said in a press release dated May 19, 2026. Financial terms were not disclosed.

The proposed transaction remains subject to the completion of final-stage due diligence and satisfaction of customary conditions. The airline noted that certain commercial details are still to be finalised.

"This is expected to be an exciting development for ASL and a welcome step forward in our operations," Stefan Oechsner, chief executive and managing director of ASL Airlines Australia, said.

As the agreement is conditional, ASL said it would not disclose further details at this stage.

Airwork receivers Calibre Partners have previously said they expect to finalise the sale of the group by July 1, 2026. Airwork entered receivership in July 2025 due to unsustainable debt and the loss of its five B757-200(PCF)s to Russia during the war in Ukraine. It still owes NZD153.6 million (USD89.5 million) to secured creditors as of March 2026.

According to ch-aviation data, Airwork Flight Operations (AWK, Auckland International), the group's sole air operator's certificate holder, operates a cargo fleet of ten B737-400(SF)s, of which half are inactive, and one B737-800(SF).

The sale excludes Airwork's dry leasing business, which comprises three B737-300(SF)s, fourteen B737-400(SF)s, and one B757-200, as well as the five B757-200(PCF)s stuck in Russia, based on ch-aviation data.

Sydney-based ASL Airlines Australia, a subsidiary of ASL Aviation Holdings, provides ACMI services mainly for Qantas Freight. It operates two B737-800(BCF)s, one BAe 146-200, four BAe 146-200(QT)s, and three BAe 146-300(QT)s.