Air France-KLM to Acquire Majority Stake in SAS -- Update

Dow Jones07-04

By Adam Whittaker

Air France-KLM said it would increase its stake in peer Scandinavian Airlines, or SAS, to 60.5% from 19.9% by acquiring the full stakes held by Castlelake and Lind Invest.

The value of the stake will be determined at the closing of the deal and will be based on SAS's financial performance. This will include its earnings before interest, taxes, depreciation and amortization, and net debt performance, the group said.

Castlelake currently holds 32% of SAS, while Lind Invest holds 8.6%

Air France said Friday that the deal builds on the commercial cooperation agreement signed in 2024 between SAS, Air France and KLM.

The increased investment reflects the successful turnaround of SAS, the group said.

In August 2024, SAS exited chapter 11 bankruptcy proceedings in the U.S. as part of a company restructuring. This included restructuring more than $2 billion in debt and saw Air France-KLM, Castlelake, Lind Invest, and the Danish State invest to become the principal owners.

Air France-KLM said the deal would generate synergies while allowing it to expand into the Scandinavian market.

The Danish state will retain its 26.4% stake in SAS and its seats on the board of directors.

The deal is subject to regulatory approvals and Air France-KLM expects it to complete in the second half of next year.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

July 04, 2025 02:02 ET (06:02 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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