Air France-KLM hopes to be the majority shareholder of SAS next year. The Scandinavian company would then become a subsidiary of the Franco-Dutch group. Details.
The Air France-KLM group announced this July 4, 2025 that it intended to take a majority participation in the capital of the Scandinavian airline SAS (Scandinavian Airlines System). It currently holds 19.9 %but wishes to bring it to 60.5 %, by buying the shares held by Castlelake (32 %) and Lind Invest (8.6 %). The Danish state would retain its 26.4 % participation as well as its seats on the board of directors. Subject to obtaining the required regulatory authorizations and the lifting of the conditions precedent, the group’s ambition is to finalize the operation in the second half of 2026.
Aeronautical newsletter
Your weekly appointment to discover exclusive information In the aeronautics sector: interviews, in -depth analyzes, surveys …
Register
Read also:
Air France-KLM: turnover increasing but profits divided by two in 2024
For the time being, the value of the investment has not been communicated. The Franco-Dutch group indicates that it will be determined “at the time of the finalization of the operation, on the basis of SAS’s latest financial performance-including Ebitda and Net debt.”
SAS: Future subsidiary of the Air France-KLM group?
The interest of Air France-KLM for this operation is particularly based on the significant improvement in the financial and operational performance of SAS and on the success of commercial cooperation* started since 1is September 2024 when she entered the Skyteam Alliance. “We are convinced that its potential will continue to grow thanks to further integration within the group,” said Ben Smith, the group’s general manager. Last year, SAS had a turnover of 4.1 billion euros.
Read also:
Transavia, the Low-Cost subsidiary of Air France, offers itself a small facelift
By taking its control, the Stockholm -based company (Sweden) would become a subsidiary of the group. “This new step would allow Air France-KLM and SAS to fully exploit their potential for synergies thanks to integration into all of the fields of activity, including loyalty programs”, specifies the group. In June 2025, the Scandinavian carrier operates a fleet of 138 aircraft, serves more than 130 destinations and has some 10,500 employees. Last year, he transported more than 25 million passengers.