1-Oct-2013 8:36 AM

SAS Scandinavian Airlines completes sale of Widerøe

SAS Scandinavian Airlines completed (30-Sep-2013) the sale of 80% of the shares in Widerøe to an investment group consisting of Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune. The agreement was signed on 03-May-2013. The total transaction proceeds amount to approximately SEK2 billion (EUR229.7 million) including aircraft related transactions, which will reduce SAS' net debt by a corresponding amount. Approximately half of the total transaction proceeds are strengthening SAS' cash and cash equivalent position. In addition, the transaction will reduce the previously announced negative effect on SAS' shareholders' equity from amended reporting rules for pensions by approximately SEK1 billion (EUR114.9 million). SAS Scandinavian Airlines plans to divest the remaining shares in Widerøe in 2016. [more - original PR]