Air France-KLM has begun proceedings to take majority ownership of SAS Scandinavian Airlines.
The group is set to buy out the shareholdings of SAS investors Castlelake and Lind Invest.
Such a move would give Air France-KLM a 60.5% stake in SAS, with the Danish State owning 26.4%. Currently, Air France-KLM owns 19.9% of SAS.
Since the summer of 2024, it has implemented a commercial cooperation between SAS, Air France and KLM in the form of extended codeshare and interline agreements, further strengthened by SAS joining the SkyTeam alliance.
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. This new step would allow Air France-KLM and SAS to fully unlock their synergy potential via a comprehensive integration in all areas of business, including loyalty, and would extend beyond commercial activities. The Group would hold the majority of seats on the airline’s Board of Directors.
Air France-KLM’s interest in pursuing this transaction is driven by the significant improvement of SAS’s financial and operational performance, the success of the current commercial cooperation, as well as the Group’s confidence in the Scandinavian carrier’s long-term potential.
“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family”, said Benjamin Smith, CEO of Air France-KLM. “Following their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline’s potential will continue to grow through deeper integration within the Air France-KLM Group. This operation would benefit our customers and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS teams whose dedication has been key to restore their airline to its rightful place. They would join a group of airlines united by a shared commitment to excellence and a more sustainable future for air transport. We look forward to this new chapter in our shared journey.”
