Air France-KLM Group Moves to Take Majority Stake in SAS

DALLAS — Air France-KLM (AF-KL) announces it is ready to initiate proceedings to take a majority stake in SAS Scandinavian Airlines (SK), increasing its current 19.9% stake to 60.5%.

Air France-KLM plans to acquire the stakes held by Castlelake and Lind Invest. The Danish State "would retain its 26.4% stake in SAS and its seats on the Board of Directors," according to the AF-KL release. The value of the investment SAS will be determined at closing but its is "in line with the Group’s medium-term financial outlook."

If the deal clears all the necessary regulatory hurdles, the group hopes to close in the second half of 2026.  

The acquisition of this majority stake would give AF-KL control of SK, which in turn would become a subsidiary of the Air France-KLM Group.

Comments from Air France-KLM CEO

“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family”, said Benjamin Smith, CEO of Air France-KLM. “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."

Smith added that the transaction will benefit the group's customers "and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS teams whose dedication has been key to restore their airline to its rightful place. They would join a group of airlines united by a shared commitment to excellence and a more sustainable future for air transport. We look forward to this new chapter in our shared journey.”