Air France-KLM to take majority stake in Scandinavian airline SAS

Air France-KLM announced Friday (July 4) that it plans to take a majority stake in Scandinavian airline SAS.

The group currently holds a 19.9 per cent stake in the Stockholm-based carrier, and since the summer of 2024, it has implemented a commercial cooperation between SAS, Air France and KLM in the form of extended codeshare and interline agreements.

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 per cent, reads a press release.

The Danish State would retain its 26.4 per cent stake in SAS and its seats on the Board of Directors. The plan is to close the deal in the second half of 2026.  

The acquisition would give Air France-KLM control of SAS, which would become a subsidiary of the Air France-KLM Group.

It will also allow Air France-KLM and SAS to fully align in all areas of business, including loyalty. The Group would hold the majority of seats on the airline’s Board of Directors.

Air France-KLM says its 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 airline’s long-term potential. 

“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family,” said Benjamin Smith, CEO of Air France-KLM, in a statement. “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.”

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