SAS Group (SAS) has signed an agreement to sell 80% of its shares in Widerøe's Flyveselskap (Widerøe) for a total package of SEK 2.0 billion to a group of investors consisting of Torghatten, Fjord1 and Nordland Fylkeskommune. SAS will retain a 20% share in Widerøe but will have the intention to transfer full ownership of Widerøe in 2016.
Under the terms of the deal, SAS will sell seven Dash Q400 aircraft to Widerøe which are currently leased by Widerøe from SAS. The loans related to these aircraft will be transferred to Widerøe. Additionally, three aircraft, currently not in use, has been sold from SAS to a lessor and subsequently leased by Widerøe.
The SEK 2.3 billion in total proceeds will reduce net debt at SAS by the same amount.
"This divestment is in line with the 4Excellence Next Generation strategy to build a long-term financially strong SAS. We are pleased to have developed Widerøe into a successful airline under SAS' ownership and we look forward to continue strengthening Widerøe's position as the leading regional airline in Norway together with the new owners", says Rickard Gustafsson, SAS Group President &CEO.
The transaction is subject to customary closing conditions, including clearance from Norwegian competition authorities, and is expected to close in September 2013.
SAS sells shares in Widerøe
