Step is said to ‘fully unlock’ synergy
Air France-KLM intends to increase its stake in SAS from 19.9% to a majority stake of 60.5%. The airline group currently holds a 19.9% stake in the Scandinavian carrier, and 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.
Provided all the necessary conditions are met, Air France-KLM would fully acquire the stakes held by Castlelake and Lind Invest. Denmark would retain its 26.4% stake in SAS and its seats on the board of directors.
The acquisition of the majority stake would give Air France-KLM control of SAS, which would become a subsidiary of Air France-KLM Group. This new step, according to an announcement, 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.
Air France-KLM’s interest in pursuing this transaction, said the announcement, is driven by the significant improvement of SAS’s financial and operational performance, the success of the current commercial cooperation, and as the company’s confidence in SAS’s long-term potential.
Benjamin Smith, CEO of Air France-KLM, said, “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.”
Stake in SAS
