Air France-KLM has initiated proceedings to take a majority stake in Scandinavian Airlines SAS, increasing its stake in SAS from 19,9 to 60,5.
The company is planning a full acquisition of the stakes held by Castlelake and Lind Invest, in response to growing competition from low-cost and Gulf carriers. The Danish State will retain its 26,4 stake in SAS and its seats on the Board of Directors.
The transaction is expected to be completed in 2026 subject to Air France-KLM obtaining all the necessary regulatory clearances.
The acquisition of the majority stake would give Air France-KLM control of SAS, making it a subsidiary of the Air France-KLM Group. The two groups will be able to integrate in all areas of business that will extend beyond commercial activities. Air France-KLM will hold the majority of seats on the SAS Board of Directors.
In September 2024, SAS, Air France and KLM signed extended codeshare and interline agreements as SAS joined the SkyTeam alliance.