Air France-KLM intends to take a majority stake in Scandinavian Airlines, the national airline of Denmark, Norway and Sweden, the carriers announced Friday.
Air France-KLM will purchase the stakes in SAS held by Castlelake and Lind Invest, which will bring its share to 60.5 percent, up from its current 19.9 percent. The Danish state will retain its 26.4 percent stake in SAS and its board seats.
Air France-KLM anticipates the deal to close in the second half of 2026, subject to regulatory approval. Once the deal closes, SAS will become a subsidiary of the Air France-KLM Group. The value of the investment is to be determined upon closing, according to Air France-KLM.
SAS exited U.S. Chapter 11 bankruptcy in August 2024, which is when Air France-KLM took it initial stake. SAS on Sept. 1 also joined the SkyTeam airline alliance, of which AF-IKLM also is a member. That date also is when codeshare and interline agreements between the companies, as well as reciprocal loyalty benefits, went into effect.
The announcement comes on the heels of other European airline consolidation deals, including Lufthansa Group’s acquisition of a 41 percent stake in ITA Airways and a 10 percent stake in AirBaltic.
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