Air transport: Air France-KLM on track to become majority shareholder of Scandinavian airline SAS

In the summer of 2024, the group acquired a stake in the Scandinavian airline, which had been weakened in particular by the Covid-19 epidemic, and initiated a commercial cooperation between Air France, KLM, and SAS, based on expanded code-sharing and interline marketing agreements. This cooperation was strengthened by SAS's entry into the SkyTeam alliance.

Air France-KLM had made no secret of its intentions to "increase its stake so as to become a controlling shareholder after a minimum of two years."

"Subject to obtaining the required regulatory approvals and the lifting of the conditions precedent, the objective is to finalize the transaction in the second half of 2026," said the group, for whom this project "reflects the success of the restructuring of SAS and the positive results of the commercial cooperation initiated in 2024."

Air France-KLM is targeting "all the shares held by Castlelake and Lind Invest, bringing its own stake in SAS to 60.5%," while the Danish government would retain its 26.4% stake and its seats on the board of directors, the group said.

The value of the proposed investment "would be determined at the time of closing of the transaction, based on SAS's latest financial performance - including EBITDA and net debt. This transaction would be aligned with the Group's medium-term financial outlook."

When it acquired its stake, Air France-KLM stated that it had finalized the acquisition of its 19.9% ​​stake for $144.5 million. If the acquisition of this majority stake is successful, SAS would become a subsidiary of the group, which is counting on "synergies through integration across all areas of activity, including loyalty programs, and beyond just commercial functions."