Air France-KLM to take majority stake in Scandinavian airline SAS
Air France-KLM is set to boost its ownership in Scandinavian airline SAS to 60.5%, marking a significant move in the consolidation of Europe’s airline industry to enhance competitiveness against rivals.
The Franco-Dutch airline group announced its intention to raise its current 19.9% stake by acquiring shares from major shareholders Castlelake and Lind Invest.
Subject to regulatory approvals, the acquisition is anticipated to be finalized in the latter half of 2026, as stated by Air France-KLM.
The financial details of the investment will be determined at closing based on SAS’s recent financial performance, including core earnings and net debt, with expected synergies in the “three-digit million” euros range, according to Air France-KLM’s finance chief Steven Zaat.
Zaat mentioned that the deal would be financed through cash or a conventional bond without impacting the group’s debt reduction efforts.
SAS welcomed the announcement by Air France-KLM, expressing optimism about the consolidation in the European airline sector.
SAS CEO Anko van der Werff highlighted the potential benefits of the increased stake, emphasizing the synergies and enhanced customer offerings that could be achieved.
Looking ahead, SAS plans to continue investing in its fleet and network to further strengthen its position in the market.
Notably, Air France-KLM had initially invested $144.5 million for its initial stake in SAS in 2023, with the option to become a controlling shareholder after a minimum of two years, post certain conditions.
The commercial cooperation between the two carriers since 2024 paved the way for deeper integration and expanded market presence, aligning with Air France-KLM’s strategic objectives.
Commenting on the deal, Air France-KLM CEO Ben Smith expressed confidence in SAS’s growth potential within the group post-restructuring.
The move reflects the ongoing trend of consolidation in the European airline industry to enhance competitiveness in the global market.
With 138 aircraft in service and over 25 million passengers carried last year, SAS generated revenues of 4.1 billion euros ($4.8 billion), making it a significant player in the industry.
Following the acquisition, Air France-KLM will have a majority presence on the SAS board, while the Danish government retains its stake and board seats.
