The SAS Group has reached a definitive agreement with a group of investors from Catalonia, led by the Consorci de Turisme de Barcelona (the “Consorci”) and Catalana d’Inciatives (“Inciatives”), whereby the group of investors will acquire a majority stake in SAS’ subsidiary Spanair S.A. for a cash consideration of EUR 1.
Following the transaction, SAS will remain as a 19.9% minority shareholder in Spanair, and act as its industrial partner to assist in the implementation of a strategic plan, which aims at further strengthening Spanair’s position in Spain and as the leading carrier in the Barcelona region. The effect on SAS is a capital loss of MSEK -712 as a result of the divestment, which will be booked in the 4th quarter of 2008.
Following the transaction, MEUR 99 of existing interest bearing indebtedness to SAS will remain outstanding and be amortized in line with Spanair
