Air France-KLM said today it plans to increase its stake in Scandinavian airline SAS to 60.5%, up from 19.9% currently, by acquiring the stakes held by top shareholder Castlelake and Lind Invest.
The purchase, subject to obtaining the necessary regulatory clearances, is expected to close in the second half of 2026, Air France-KLM said.
The value of the investment would be determined at closing, based on SAS’s latest financial performance, including EBITDA and net debt, added the company.
The Scandinavian airline welcomed the announcement, calling it a “defining moment” that marked Air-France KLM’s commitment to strengthen 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,” SAS CEO Anko van der Werff said.
“Together, we will be better positioned to deliver greater value to our customers, our colleagues, and the wider region.”
SAS said it would continue to invest in its fleet and network.
Air France-KLM CEO Ben Smith told Reuters in March that the company was looking to raise its stake in SAS, as the carrier was meeting the necessary milestones, including integration into the SkyTeam airline alliance, of which Air France-KLM is also a member.
The two carriers have already had a commercial cooperation since summer 2024. Control of SAS would allow Air France-KLM to expand in the Scandinavian market and create additional value for shareholders, said the Air France-KLM 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,” said Smith.
The stake sale comes as executives seek more consolidation in Europe’s fragmented airline industry, which they say is needed to compete with US and Middle Eastern rivals.
SAS has 138 aircraft in service and carried more than 25 million passengers last year, generating revenues of €4.1 billion.
The group would have a majority of seats on the board of directors, while the Danish state will keep its 26.4% stake in SAS and its seats on the board.
