Air France-KLM today announced that it will initiate proceedings to take a majority stake in SAS. The Group currently holds a 19.9% stake in the Scandinavian carrier and since the Summer of 2024, it has implemented a commercial cooperation between SAS, Air France and KLM in the form of extended code-share and interline agreements, further strengthened by SAS joining the SkyTeam alliance.   

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 60.5%. The Danish State would retain its 26.4% stake in SAS and its seats on the Board of Directors. 

The value of Air France-KLM’s contemplated investment in SAS would be determined at closing, based on SAS’s latest financial performance – including EBITDA and Net Debt. This transaction would be in line with the Group’s medium-term financial outlook. 

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.   

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’s Board of Directors.

Air France-KLM’s interest in pursuing this transaction is driven by the significant improvement of SAS’s financial and operational performance, the success of the current commercial cooperation, as well as the Group’s confidence in the Scandinavian carrier’s long-term potential.  

Appendix - key facts about SAS, June 2025: