SAS completes sale of Widerøe

SAS reported that an agreement has been signed to sell 80% of the shares in Widerøe’s Flyveselskap AS (Widerøe) to an investment group consisting of Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune. The transaction was expected to be completed during September 2013. SAS has now transferred 80% of the shares in Widerøe to the investment group. The total transaction proceeds amount to approximately SEK 2bn, including aircraft related transactions, which will reduce SAS’ net debt by a corresponding amount. Approximately half of the total transaction proceeds are strengthening SAS’ cash and cash equivalent position. In addition, the transaction will reduce the previously announced negative effect on SAS’ shareholders’ equity from amended reporting rules for pensions by approximately SEK 1bn. SAS will divest the remaining shares in Widerøe during 2016.