Air France-KLM to acquire majority stake in SAS

Air France-KLM has announced it will initiate proceedings to acquire a majority stake in Scandinavian carrier SAS, aiming to increase its current 19.9% holding to 60.5%. The Group’s planned acquisition involves purchasing the stakes held by Castlelake and Lind Invest. This move builds on the commercial cooperation introduced in summer 2024, which saw SAS join the SkyTeam alliance and strengthen ties through expanded codeshare and interline agreements with Air France and KLM.

The Danish State will retain a 26.4% ownership in SAS, along with its representation on the airline’s Board of Directors. Once completed, the transaction would make SAS a subsidiary of the Air France-KLM Group, with the latter assuming the majority of board seats. The final investment value will be determined at closing, based on SAS’s latest financial indicators such as EBITDA and Net Debt, aligning with Air France-KLM’s medium-term financial strategy.

The Group anticipates finalising the acquisition in the second half of 2026, subject to all necessary regulatory approvals and fulfilment of conditions precedent. This strategic acquisition is intended to unlock full synergy potential between SAS and the Air France-KLM Group, extending beyond commercial collaboration to include deeper integration across operational areas and loyalty programmes.

Air France-KLM’s decision is underpinned by SAS’s improved financial and operational performance, the success of recent partnership initiatives, and the Group’s confidence in SAS’s long-term viability and growth prospects.

“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family”, said Benjamin Smith, CEO of Air France-KLM. “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. This operation would benefit our customers and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS teams whose dedication has been key to restore their airline to its rightful place. They would join a group of airlines united by a shared commitment to excellence and a more sustainable future for air transport. We look forward to this new chapter in our shared journey.”