In the summer of 2024, the Air France-KLM group initiated a commercial cooperation with SAS. This is based on extended code-share and interline marketing agreements. SAS' entry into the Skyteam alliance has contributed to this strengthened cooperation.
Air France-KLM targets a shareholding of over 60%
Subject to meeting all the required conditions, Air France-KLM would acquire the shares held by Castlelake and Lind Invest, bringing its own stake in SAS to 60.5 %. The Danish state would retain its 26.4 % stake and its seats on the Board of Directors.
The value of the investment envisaged by Air France-KLM would be determined at the time of completion of the transaction, on the basis of SAS' latest financial performance - including EBITDA and net debt. The Group's ambition is to complete the transaction in the second half of 2026..
The acquisition of this majority stake would enable Air France-KLM to make SAS an integrated subsidiary of the Group. This new step would enable Air France-KLM and SAS to fully exploit their synergy potential. through integration across all business areas, including frequent flyer programmes, and beyond just commercial functions. The Group would hold the majority of seats on the airline's Board of Directors.
Air France-KLM's interest in this transaction is based on the significant improvement in SAS' financial and operational performance. But also on the success of the current commercial cooperation. And finally, on the Group's confidence in the Scandinavian airline's long-term potential.
"We look forward to welcoming SAS as a full member of the Air France-KLM family."said Benjamin Smith, Chief Executive Officer of Air France-KLM. " SAS posts excellent performance following successful restructuring. We are convinced that its potential will continue to grow through further integration within the Group. This operation would be beneficial for our customers and for Scandinavian travellers. They would benefit from better connectivity. It would also be beneficial for the SAS teams. Their commitment has been decisive in restoring their company to the position it deserves. SAS would join a group of airlines united by a shared ambition for excellence and a commitment to more sustainable air transport. We look forward to opening this new chapter together. "
Maintaining a Scandinavian identity
For the SAS CEO, Anko van der Werff, " Air France-KLM becoming the majority owner would send a strong signal of confidence in the direction we are taking. This will bring stability, with the full support of one of the world's leading airline groups. Together, we will be better positioned to offer more benefits to our customers, our colleagues and Northern Europe".
The full affiliation of SAS to the Air France/KLM group will not call into question the company's Scandinavian identity.
SAS continues to invest in renewing its fleet and expanding its network. While being recognised as the the world's most punctual airline.
" This consolidation strengthens SAS' ability to connect Scandinavia to the world - and the world to Scandinavia - by positioning Copenhagen as our global hub for the region, while continuing to maintain strong and strategic operations in Oslo and Stockholm, added Anko Van der Werff. We remain true to our identity, our heritage and our deep customer focus ".
