Air France-KLM to Take 60.5% Majority Stake in SAS by 2026
Air France-KLM has begun the process to acquire a 60.5% majority stake in SAS Scandinavian Airlines, increasing its ownership from the current 19.9% by purchasing shares held by Castlelake and Lind Invest. The deal is expected to close in the second half of 2026, pending regulatory approvals, including clearance from the European Commission.
The transaction’s final value will be determined at the time of closing. Once completed, the acquisition will mark a significant shift in SAS’s ownership structure and deepen its integration into the Air France-KLM Group.
Air France-KLM CEO Ben Smith expressed confidence in SAS’s future within the group, praising the airline’s post-restructuring performance and noting the benefits of enhanced connectivity for Scandinavian travelers. SAS CEO Anko van der Werff welcomed the move, calling it a “defining moment” that brings both stability and long-term strategic support from a major global airline group.
Air France-KLM, Castlelake, and Lind Invest acquired their stakes—19.9%, 32%, and 8.6% respectively—during SAS’s Chapter 11 restructuring in 2023. SAS exited Star Alliance in 2024 and joined SkyTeam, aligning with its future majority owner. The airline has also signed codeshare and interline agreements with Air France-KLM.
The Danish government, which currently holds a 26.4% stake in SAS, will retain its ownership and board representation.
Air France-KLM’s portfolio includes Air France, KLM Royal Dutch Airlines, HOP!, Transavia, and Martinair. The group has also shown interest in other European airline acquisitions, including TAP Air Portugal and Air Europa.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com