Air France-KLM to Become Majority Owner of SAS
Air France-KLM announced on July 4, 2025, its intention to acquire a majority stake in Scandinavian Airlines (SAS), increasing its shareholding to 60.5% through the planned purchase of equity stakes held by Castlelake and Lind Invest. This move marks a significant shift in European airline alliances and follows a strategic investment made by the group in 2023 during SAS’s restructuring.
Previously, Castlelake held a 32% stake and Lind Invest owned 8.6% of SAS. These will now be transferred to Air France-KLM, which originally held 19.9% of the carrier—just under the threshold that would have required full consolidation into its financial accounts. The Danish government will remain the second-largest shareholder with a 26.4% stake, while the remaining 13.1% is held by minority shareholders, including SAS employees.
The acquisition price has not yet been disclosed, but it will be determined based on SAS’s current financial indicators, such as EBITDA and net debt. These metrics are reportedly in line with expectations, reflecting SAS’s ongoing operational recovery and financial health after its recent restructuring process.
As part of that 2023 restructuring, SAS exited the Star Alliance network, where it had been a founding member, and began aligning itself with the SkyTeam alliance, signaling a major shift in its strategic direction. The move was accompanied by significant debt-to-equity conversions and efforts to streamline operations.
Air France-KLM’s deeper involvement is expected to accelerate the operational and commercial integration of SAS within the SkyTeam network. Areas of focus will include loyalty program alignment, improved connectivity, and enhanced route network development across Europe and beyond. SAS CEO Anko van der Werff recently emphasized his support for closer ties with SkyTeam members, including Delta Air Lines and Virgin Atlantic, as part of SAS’s long-term growth strategy.
Air France-KLM CEO Benjamin Smith expressed strong confidence in SAS’s future. “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,” he said in the official announcement.
Just days before the acquisition news, SAS demonstrated its confidence in expansion with a major fleet order for up to 55 Embraer E195-E2 jets. These new aircraft will help bolster regional operations from its main hub in Copenhagen and enhance short-haul connectivity across the Nordic region.
With this latest move, Air France-KLM is not only expanding its footprint in Northern Europe but also reshaping alliance dynamics in the region. The acquisition solidifies SkyTeam’s position in Scandinavia and strengthens the group’s ambition to build a cohesive pan-European airline network.
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