SAS
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In 2023, Air France-KLM, Castlelake and Lind Invest took an equity position in SAS, as part of a thorough restructuring process that also saw a large part of its debt converted into equity or else be renegotiated. This strategic move also resulted in SAS exiting Star Alliance, in which it had been a founding member, in order to move into the Air France-KLM and SkyTeam orbit.
As part of that deal, Castlelake and Lind took 32% and 8.6% stakes respectively in the Scandinavian airline. Air France-KLM acquired 19.9%, just below the regulatory threshold that would have forced it to consolidate its participated company in the group’s accounts.
This deal leaves the Danish state as the other single major SAS shareholder, with 26.4%. Another 13.1% of the airline is in the hands of multiple minority shareholders, including staff.
The acquisition price has not yet been confirmed. It will depend on SAS’s latest financial indicators, including EBITDA and Net Debt, which are expected to be in line with the airline’s financial outlook.
The move is also expected to strengthen the operational and commercial integration between Air France-KLM and SAS, in areas such as loyalty, network development and connectivity.
This is in line with the desire expressed by SAS CEO Anko van der Werff in a recent interview with AeroTime to forge much closer links between SAS and the Franco-Dutch group and its SkyTeam partners, particularly Delta Air Lines and Virgin Atlantic.
“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,” said Benjamin Smith, CEO of Air France-KLM, in the press release announcing the acquisition.
On July 1, 2025, just three days prior to the investment announcement, SAS reaffirmed its confidence in its future growth with a large order for up to 55 Embraer E195 E2 aircraft. With this order, SAS expects to develop its feeder operations at its main Copenhagen hub (CPH), as well as further develop its intra-Scandinavian network.
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