Air France-KLM initiates proceedings to take a majority stake in SAS

Core Viewpoint - Air France-KLM is initiating proceedings to acquire a majority stake in SAS, increasing its current stake from 19.9% to 60.5% through the acquisition of shares held by Castlelake and Lind Invest, while the Danish State will retain a 26.4% stake [2][3][10]. Group 1: Acquisition Details - The acquisition will allow Air France-KLM to control SAS, making it a subsidiary and enabling full integration across various business areas, including loyalty programs [5]. - The transaction's value will be determined at closing based on SAS's latest financial performance, including EBITDA and Net Debt [3]. - The ambition is to close the transaction in the second half of 2026, subject to regulatory clearances and satisfaction of all conditions [4][10]. Group 2: Strategic Rationale - Air France-KLM's interest in this acquisition is driven by SAS's significant improvement in financial and operational performance, as well as the success of their current commercial cooperation [6]. - The acquisition reflects the successful turnaround of SAS and aims to unlock synergy potential, confirming Air France-KLM's expansion in the Scandinavian market [10]. Group 3: SAS Overview - As of June 2025, SAS operates 138 aircraft, serves over 130 destinations, and carried more than 25 million passengers in 2024 [11]. - SAS generated revenue of €4.1 billion in the full year 2024 and has over 8 million Eurobonus members [11]. - The current shareholding structure of SAS includes Castlelake (32.0%), Danish State (26.4%), Air France-KLM (19.9%), Lind Invest (8.6%), and others (13.1%) [11].