Air France-KLM seeks majority stake in Scandinavian airline SAS

To this end, all shares of the investors Castlelake and Lind Invest are to be taken over, according to the announcement.

Air France-KLM had joined SAS in the summer of 2024, which had been hit by the Covid pandemic, and had launched a commercial cooperation between Air France, KLM and SAS, including extended code-share and distribution agreements. This cooperation was later deepened when SAS joined the SkyTeam alliance.

Completion in the first half of 2026

Since its entry, the Group has pursued the goal of becoming the majority shareholder in the medium term. The transaction is now expected to be completed in the second half of 2026, subject to regulatory approvals and other conditions. Air France-KLM emphasizes that the project reflects the success of the SAS restructuring and the positive results of the ongoing cooperation.

The Danish government will retain its 26.4 percent stake and its seats on the Board of Directors. The final purchase price is to be determined at the time of closing on the basis of SAS' current key financial figures, in particular EBITDA and net debt.

If the takeover is successful, SAS would become a subsidiary of the Group. Air France-KLM expects operational synergies, for example in frequent flyer programs and other areas of the company. In future, the Group would also hold the majority of seats on the SAS Board of Directors.