Air France and KLM join SAS, Scandinavian carrier switches to Skyteam

The war of European skies ahead of the sale of ITA Airways to Lufthansa sees a surprise move by Air France KLM, which enters the share capital of SAS, Scandinavian Airlines, by force. While everyone thought that the former a changing masters would be TAP Portugal Today came the announcement of the agreement signed in the U.S.

The announcement of the sale

SAS which is under the shield of Chapter 11 in the U.S. will be controlled by the Castlelake fund (within which there are several funds) with about 32%, the second shareholder will be the Danish state with 25.8%, Air France-Klm will have 19.9% and Lind Invest 8.6%. The remaining capital share will be distributed with among some creditor companies of the Copenhagen-based carrier.

Farewell Star Alliance

SAS Will continue to operate and serve its customers as usual during the implementation of the transaction, which is likely to result in SAS AB (i.e., the listed parent company of the SAS Group) requesting a corporate reorganization in Sweden in 2024.

In parallel with the transaction, and as a result of its membership in SkyTeam, SAS AB will seek to establish business cooperation with Air France-KLM and its airlines (subject to the usual approvals), benefiting Scandinavian customers through increased connectivity.

What changes for frequent flyers

Alliance change will be a trauma for many Italian frequent flyers and beyond. It will have to be understood what will happen to the Eurobonus loyalty program, especially because among the partners American Express Italians the Scandinavian FF is to date the best gateway to book award tickets with Star Alliance carriers and in particular Lufthansa group airlines.

In contrast, the move to Skyteam makes it easier to book a ticket on board the company because of the great Flying Blue points accumulation facility in Italy.