Air France-KLM deal with airline SAS a 'defining moment'
SAS faced financial challenges amid, and in the wake of, the coronavirus pandemic, before successfully completing a restructuring last summer.
Anko van der Werff, president and chief executive of SAS, hailed the Air France-KLM deal as a 'defining moment' which brings 'stability', as well as a 'strong signal of confidence'.
SAS (Scandinavian Airlines System) was established in 1946 with a consortium agreement between three airlines: Det Danske Luftfartselskab A/S of Denmark; Norway's Det Norske Luftfartselskap A/S; and Svensk Interkontinetal Lufttrafik AB, a Swedish airline. It has bases in Copenhagen, Oslo and Stockholm.
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Air France-KLM today announced it will 'initiate proceedings to take a majority stake in SAS'.
It currently holds a 19.9% stake in the Scandinavian carrier and since summer 2024 has implemented a commercial cooperation between SAS, Air France and KLM in the form of extended codeshare and interline agreements, further strengthened by SAS joining the SkyTeam alliance.
Air France-KLM said that, provided all the necessary conditions are met, it would fully acquire the stakes in SAS held by Castlelake and Lind Invest, bringing its own stake to 60.5%.
The Danish state would retain its 26.4% stake in SAS and its seats on the board of directors under the proposed deal, which Air France-KLM aims to complete in the second half of next year subject to regulatory clearances.
Air France-KLM said the value of its 'contemplated investment" in SAS would be determined at closing, based on SAS's latest financial performance including earnings before interest, tax, depreciation and amortisation (EBITDA) and net debt.
Mr van der Werff said: 'Air France-KLM becoming the majority owner would mark a defining moment for SAS and a strong signal of confidence in the direction we're heading.'
He added: 'It brings not just stability but will also allow for deeper industrial integration and the full backing of one of the world's leading airline groups, once regulatory approval has been obtained. Together, we will be better positioned to deliver greater value to our customers, our colleagues, and the wider region.'
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