Franco-Dutch airline group Air France–KLM will take a majority stake in SAS, increasing its stake in the Scandinavian carrier to 60.5%, purchasing portions of the company held by majority shareholder Castlelake and Lind Invest.
The group currently holds a 19.9% stake in SAS and, since the summer of 2024, has initiated commercial cooperation through expanded codeshare and interline agreements - further reinforced by SAS's entry into the SkyTeam airline alliance.
The value of Air France-KLM’s investment in SAS will be determined at the closing of the transaction, based on the airline’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 regulatory clearances, the purchase is expected to close in the second half of 2026, with the Danish State still retaining its 26.4% stake in the airline and its seats on the board of directors.
“Air France–KLM becoming the majority owner would mark a defining moment for SAS and a strong signal of confidence in the direction we’re heading,” says Anko van der Werff, president and CEO of SAS. “It brings not just stability but will also allow for deeper industrial integration and the full backing of one of the world’s leading airline groups, once regulatory approval has been obtained."
Air France-KLM stated that its interest in pursuing this transaction is driven by the significant improvement of SAS’s financial and operational performance, the success of its current commercial cooperation, as well as the group’s confidence in the Scandinavian carrier’s long-term potential.
In 2023 the airline group invested $144.5 million for its current stake of SAS, with the option to take a controlling interest after two years under certain conditions. It took the initial stake while SAS went through a two-year reorganisation process after filing for Chapter 11 bankruptcy protection.
Speaking to analysts, Air France-KLM chief executive Benjamin Smith also noted this transaction will not hold any influence over the potential purchase of Portuguese flag carrier TAP.
“This has no impact on what may take place in other markets,” Smith told the call, while acknowledging the strategic importance of the Iberian Peninsula, emphasising the significance Lisbon holds in terms of geographic value, acting as a gateway connecting Europe to South America.
The Portuguese government is expected to launch the TAP privatisation process soon. Smith noted that any decision by Air France-KLM to participate would depend entirely on the terms set by the Portuguese state.