Air France-KLM, SAS to Begin Commercial Cooperation Next Month After Stake Acquisition

Dow Jones08-28

By Pierre Bertrand

Air France-KLM said extensive commercial cooperation with Swedish airline SAS is expected to start from next month after the French carrier closed its acquisition of a noncontrolling stake in the company.

Air France-KLM said Wednesday that it closed its 19.9% purchase in SAS and had invested a total of $144.5 million in the company.

From Sunday, interline and codesharing agreements connecting the companies' hubs and networks will enter into force and SAS will join the SkyTeam alliance.

The purchase was part of SAS's financial restructuring which the company separately said Wednesday that it had completed and emerged from chapter 11 bankruptcy proceedings in the U.S.

Provisions have been agreed where Air France-KLM could increase its stake and, depending on regulatory approval, possibly become a controlling shareholder in the company after a period of two years.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

August 28, 2024 03:20 ET (07:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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