Air France-KLM details planned SAS investment
Air France-KLM announced (04-Jul-2025) plans to increase its stake in SAS' share capital from 19.9% to 60.5%, via a full acquisition of stakes held by Castlelake and Lind Invest. The acquisition of this majority stake would give Air France-KLM control of SAS, which would become a subsidiary of the Air France-KLM Group. The Danish State would retain its 26.4% stake in SAS and its board seats. The contemplated transaction would allow Air France-KLM and SAS to fully unlock their synergy potential, confirm the group's expansion in the Scandinavian market, and create additional potential for value delivery to shareholders. Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all conditions, the ambition is to close in 2H2026. [more - original PR]
Background ✨
Air France-KLM previously acquired a 19.9% stake in SAS as part of a consortium with Castlelake, Lind Invest and the Danish State, following SAS' restructuring and emergence from Chapter 11 protection, with agreements allowing Air France-KLM to become a controlling shareholder after a minimum of two years, subject to regulatory conditions and company performance1 2. SAS is scheduled to join the SkyTeam alliance on 01-Sep-20243.