Air France-KLM initiates proceedings to take a majority stake in SAS
Air France-KLM (OTC:AFLYY) has announced plans to increase its stake in SAS from 19.9% to 60.5% through the acquisition of stakes currently held by Castlelake and Lind Invest. The transaction, expected to close in the second half of 2026, follows SAS's successful turnaround and positive results from their 2024 commercial cooperation.
The deal would make SAS a subsidiary of Air France-KLM, with the Danish State retaining its 26.4% stake. The acquisition price will be determined at closing based on SAS's financial performance metrics. SAS currently operates 138 aircraft, serves over 130 destinations, and generated revenue of 鈧�4.1 billion in 2024.
The integration aims to fully unlock synergy potential across all business areas, including loyalty programs, with Air France-KLM gaining majority board control. The transaction is subject to regulatory clearances and other conditions.
Air France-KLM (OTC:AFLYY) ha annunciato l'intenzione di aumentare la sua quota in SAS dal 19,9% al 60,5% tramite l'acquisizione delle partecipazioni attualmente detenute da Castlelake e Lind Invest. L'operazione, che dovrebbe concludersi nella seconda met脿 del 2026, segue la positiva svolta di SAS e i risultati incoraggianti della loro cooperazione commerciale nel 2024.
L'accordo trasformer脿 SAS in una controllata di Air France-KLM, mentre lo Stato danese manterr脿 una quota del 26,4%. Il prezzo di acquisto sar脿 definito al momento della chiusura in base ai parametri di performance finanziaria di SAS. Attualmente, SAS gestisce una flotta di 138 aeromobili, serve oltre 130 destinazioni e ha registrato un fatturato di 4,1 miliardi di euro nel 2024.
L'integrazione mira a sfruttare appieno il potenziale di sinergie in tutti i settori aziendali, inclusi i programmi fedelt脿, con Air France-KLM che acquisir脿 il controllo maggioritario del consiglio di amministrazione. L'operazione 猫 soggetta all'approvazione delle autorit脿 regolatorie e ad altre condizioni.
Air France-KLM (OTC:AFLYY) ha anunciado planes para aumentar su participaci贸n en SAS del 19,9% al 60,5% mediante la adquisici贸n de las participaciones actualmente en manos de Castlelake y Lind Invest. La transacci贸n, que se espera cierre en la segunda mitad de 2026, sigue al exitoso cambio de rumbo de SAS y a los resultados positivos de su cooperaci贸n comercial en 2024.
El acuerdo convertir铆a a SAS en una subsidiaria de Air France-KLM, mientras que el Estado dan茅s mantendr铆a su participaci贸n del 26,4%. El precio de adquisici贸n se determinar谩 al cierre, basado en los indicadores financieros de SAS. Actualmente, SAS opera 138 aeronaves, atiende m谩s de 130 destinos y gener贸 ingresos por 4.100 millones de euros en 2024.
La integraci贸n tiene como objetivo desbloquear completamente el potencial de sinergias en todas las 谩reas del negocio, incluidos los programas de fidelizaci贸n, con Air France-KLM obteniendo el control mayoritario del consejo de administraci贸n. La transacci贸n est谩 sujeta a aprobaciones regulatorias y otras condiciones.
Air France-KLM (OTC:AFLYY)電� Castlelake鞕� Lind Invest臧� 氤挫湢頃� 歆�攵勳潉 鞚胳垬頃橃棳 SAS 歆�攵勳潉 19.9%鞐愳劀 60.5%搿� 頇曤寑頃� 瓿勴殟鞚� 氚滍憸頄堨姷雼堧嫟. 鞚� 瓯半灅電� 2026雲� 頃橂皹旮办棎 毵堧毽悹 鞓堨爼鞚措┌, SAS鞚� 靹标车鞝侅澑 甑“臁办爼瓿� 2024雲� 靸侅梾 順戨牓鞚� 旮嶌爼鞝侅澑 靹标臣鞐� 霐半ジ 瓴冹瀰雼堧嫟.
鞚措矆 瓯半灅搿� SAS電� Air France-KLM鞚� 鞛愴殞靷皜 霅橂┌, 雿措韥� 甑皜電� 26.4%鞚� 歆�攵勳潉 鞙犾頃橁矊 霅╇媹雼�. 鞚胳垬 臧�瓴╈潃 SAS鞚� 鞛 靹标臣 歆�響滌棎 霐半澕 瓯半灅 膦呺 鞁� 瓴办爼霅╇媹雼�. 順勳灛 SAS電� 138雽�鞚� 頃车旮�毳� 鞖挫榿頃橁碃, 130臧� 鞚挫儊鞚� 氇╈爜歆�毳� 靹滊箘鞀ろ晿氅�, 2024雲� 毵れ稖鞚� 41鞏� 鞙犽鞛呺媹雼�.
韱淀暕鞚� 氇摖 靷梾 攵勳暭鞐愳劀 鞁滊剤歆� 須臣毳� 斓滊寑頃� 氚滍湗頃橂姅 瓴冹潉 氇╉憸搿� 頃橂┌, 搿滌棿韹� 頂勲攴鸽灗霃� 韽暔霅╇媹雼�. Air France-KLM電� 鞚挫偓須� 雼れ垬 歆�攵勳潉 頇曤炒頃橁矊 霅╇媹雼�. 鞚� 瓯半灅電� 攴滌牅 鞀轨澑 氚� 旮绊儉 臁瓣贝鞚� 於╈”頃挫暭 頃╇媹雼�.
Air France-KLM (OTC:AFLYY) a annonc茅 son intention d'augmenter sa participation dans SAS de 19,9 % 脿 60,5 % par l'acquisition des parts actuellement d茅tenues par Castlelake et Lind Invest. La transaction, pr茅vue pour se conclure au second semestre 2026, fait suite au redressement r茅ussi de SAS et aux r茅sultats positifs de leur coop茅ration commerciale en 2024.
Cette op茅ration ferait de SAS une filiale d'Air France-KLM, l'脡tat danois conservant sa participation de 26,4 %. Le prix d'acquisition sera d茅termin茅 脿 la cl么ture en fonction des indicateurs financiers de SAS. SAS exploite actuellement 138 avions, dessert plus de 130 destinations et a g茅n茅r茅 un chiffre d'affaires de 4,1 milliards d'euros en 2024.
L'int茅gration vise 脿 exploiter pleinement le potentiel de synergies dans tous les domaines d'activit茅, y compris les programmes de fid茅lit茅, Air France-KLM obtenant le contr么le majoritaire du conseil d'administration. La transaction est soumise 脿 l'obtention des autorisations r茅glementaires et 脿 d'autres conditions.
Air France-KLM (OTC:AFLYY) hat Pl盲ne angek眉ndigt, seinen Anteil an SAS von 19,9% auf 60,5% durch den Erwerb der Anteile von Castlelake und Lind Invest zu erh枚hen. Die Transaktion, die voraussichtlich in der zweiten H盲lfte des Jahres 2026 abgeschlossen wird, folgt auf die erfolgreiche Umstrukturierung von SAS und die positiven Ergebnisse der kommerziellen Zusammenarbeit im Jahr 2024.
Der Deal w眉rde SAS zu einer Tochtergesellschaft von Air France-KLM machen, w盲hrend der d盲nische Staat seine 26,4% Beteiligung beh盲lt. Der Kaufpreis wird zum Abschluss basierend auf den finanziellen Leistungskennzahlen von SAS festgelegt. SAS betreibt derzeit 138 Flugzeuge, bedient 眉ber 130 Ziele und erzielte 2024 einen Umsatz von 4,1 Milliarden Euro.
Die Integration zielt darauf ab, das Synergiepotenzial in allen Gesch盲ftsbereichen, einschlie脽lich der Treueprogramme, voll auszusch枚pfen, wobei Air France-KLM die Mehrheitskontrolle im Vorstand erh盲lt. Die Transaktion steht unter dem Vorbehalt beh枚rdlicher Genehmigungen und weiterer Bedingungen.
- Strategic expansion into Scandinavian market through majority control of SAS
- Potential synergies across all business areas including loyalty programs
- SAS shows improved financial and operational performance
- Access to SAS's network of 130+ destinations and 8+ million Eurobonus members
- Builds on successful existing commercial cooperation since 2024
- Transaction value not yet determined, creating uncertainty for shareholders
- Regulatory clearances required which could delay or prevent completion
- Integration costs and challenges likely in combining operations
- Closing timeline extends to second half of 2026
Paris, 4 July 2025
Air France-KLM initiates proceedings to take a majority stake in SAS
- Air France-KLM intends to increase its stake in SAS鈥檚 share capital, from
19.9% currently to60.5% , via a full acquisition of the stakes held by Castlelake and Lind Invest.听 - This contemplated transaction reflects the successful turnaround of SAS and the positive results generated by the commercial cooperation initiated in 2024. It would allow Air France-KLM and SAS to fully unlock their synergy potential, confirm the Group鈥檚 expansion in the Scandinavian market, and create additional potential for value delivery to shareholders.听
- Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all conditions precedents, the ambition is to close in the second half of 2026.听
Air France-KLM today announced that it will initiate proceedings to take a majority stake in SAS. The Group currently holds a
Provided all the necessary conditions are met, Air France-KLM would fully acquire the stakes held by Castlelake and Lind Invest, bringing its own stake to
The value of Air France-KLM鈥檚 contemplated investment in SAS would be determined at closing, based on SAS鈥檚 latest financial performance 鈥� including EBITDA and Net Debt. This transaction would be in line with the Group鈥檚 medium-term financial outlook.听
Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all conditions precedents, the ambition is to close in the second half of 2026.听听听
The acquisition of this majority stake would give Air France-KLM control of SAS, which would become a subsidiary of the Air France-KLM Group. This new step would allow Air France-KLM and SAS to fully unlock their synergy potential via a comprehensive integration in all areas of business, including loyalty, and would extend beyond commercial activities. The Group would hold the majority of seats on the airline鈥檚 Board of Directors.
Air France-KLM鈥檚 interest in pursuing this transaction is driven by the significant improvement of SAS鈥檚 financial and operational performance, the success of the current commercial cooperation, as well as the Group鈥檚 confidence in the Scandinavian carrier鈥檚 long-term potential.听听
鈥淲e are excited by the prospect of fully welcoming SAS into the Air France-KLM family鈥�, said Benjamin Smith, CEO of Air France-KLM. 鈥淔ollowing their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline鈥檚 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.鈥�听
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Website :
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The presentation is available at , in the section 鈥渙ther publications鈥� on July 4, 2025, from 7:00 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on July 4, 2025, at 09.00 am CET.
To connect to the webcast, please use below link:
Appendix - key facts about SAS, June 2025:听
| Aircraft in service听 | 138 |
| Destinations served听 | >130听 |
| Passengers carried听 | >25 Mn (2024)听 |
| Cargo carried听 | 60,000 tons (2024)听 |
| Eurobonus members听 | >8 Mn听 |
| Employees听 | 10,500听 |
| Revenue听 | |
| Current shareholding structure听听 | Castlelake ( Danish State ( Air France-KLM ( Lind Invest ( Others (13, |
| Alliance听 | Skyteam (since September 2024)听 |
Attachment
FAQ
What stake will Air France-KLM (AFLYY) acquire in SAS?
When will Air France-KLM complete the SAS acquisition?
How much will Air France-KLM pay for the SAS stake?
What is SAS's current revenue and operational scale?
Will the Danish State maintain its stake in SAS after the acquisition?
How will this acquisition affect SAS's alliance membership?
