Air France-KLM Targets 60.5% Majority Stake in SAS with Bold Move!

Air France-KLM Plans to Acquire Majority Stake in SAS

Air France-KLM has announced plans to acquire a majority stake in Scandinavian airline SAS. The Group currently holds a 19.9% stake in SAS and has been cooperating with the airline since mid-2024 through codeshare and interline agreements. SAS also joined the SkyTeam alliance in September 2024.

If approved, Air France-KLM would buy the stakes held by Castlelake and Lind Invest, increasing its share to 60.5%. The Danish government would keep its 26.4% stake and Board representation.

The final value of the deal will depend on SAS’s financial performance at closing, including its EBITDA and net debt, and aligns with Air France-KLM’s financial plans.

The deal is subject to regulatory approvals and other conditions. The companies aim to complete the transaction in the second half of 2026. Once completed, SAS would become a subsidiary of Air France-KLM, allowing deeper cooperation across all areas, including loyalty programs, operations, and governance. Air France-KLM would also hold most seats on SAS’s Board.

Air France–KLM stated that its decision is based on SAS’s improved financial results, the success of their current partnership, and the Group’s long-term confidence in SAS.

“We look forward to fully welcoming SAS into the Air France-KLM Group,” said Benjamin Smith, CEO of Air France-KLM.

“This step would strengthen our network and benefit customers, employees, and Scandinavian travellers alike.”

Key facts about SAS (June 2025):

• Fleet: 138 aircraft

• Destinations: 130+

• Passengers: 25 million (2024)

• Cargo: 60,000 tonnes (2024)

• EuroBonus members: 8 million+

• Employees: 10,500

• 2024 Revenue: €4.1 billion

• Current shareholders:

  • Castlelake: 32%

  • Danish State: 26.4%

  • Air France-KLM: 19.9%

  • Lind Invest: 8.6%

  • Others: 13.1%

• Alliance: SkyTeam (since Sept 2024)