SAS acquirers Cimber

SAS entered (08-Dec-2014) into an agreement to acquire 100% of the shares in Cimber A/S. Since 2004, SAS has had a wet lease agreement with Cimber that has a cost efficient production platform for regional jet operation. The acquisition provides SAS with an opportunity to transfer production with smaller aircraft to Cimber, consisting of 12 CRJ900 with base in Copenhagen. As a result, a more focused and flexible production can be achieved. The acquisition of Cimber will give SAS access to a specialist within regional flights with a very competitive production platform that complements SAS' production of larger Airbus and Boeing aircraft. Due to expected synergies, the acquisition of Cimber can also provide opportunities for SAS to maintain and develop regional routes within the network for the benefit of SAS customers, according to SAS president and CEO Rickard Gustafson. The acquisition includes Cimber's option to receive CO2 emission rights for the years 2015-2020, with SAS stating: "The nominal value of these rights currently amount to approximately MDKK 35 subject to the EU Commission's approval of the Danish allocation plan for European Aviation Allowances (EUAA) for 2015-2020". The discontinuation of Cimber's current fleet of CRJ200 and ATR72 will be implemented as already communicated and decided by Cimber. The value of the transaction is MDKK 20 with final payment in Apr-2015. The transaction must be approved by relevant Competition Authorities, and is subject to other customary conditions. [more - original PR]