Air France/KLM announcement: so the Franco-Dutch group becomes (barring anti-trust) the owner of SAS

Air France-KLM Group has announced its intention to increase to 60.5% of the capital of the Scandinavian company SAS, By taking over the shares held by Castlelake (32%) and Lind Invest (8.6%). Currently, the Franco-Dutch group owns a 19.9% stake in SAS. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and fulfillment of all conditions precedent.

The operation represents an important step in the Air France-KLM's expansion strategy in the Nordic market and seals the success of the commercial partnership launched in 2024, which included codeshare and interline agreements, culminated in SAS joining the SkyTeam alliance. 

Comprehensive integration to maximize synergies

Control of SAS will allow full integration in all business areas beyond commercial activities, including loyalty programs, governance, and operational strategies. Air France-KLM will assume a majority on the board of SAS, while the Danish state will retain a 26.4% share and its seats on the board.

"We are excited about the prospect of fully welcoming SAS into the Air France-KLM family." said Benjamin Smith, CEO of the group. "After a successful restructuring, SAS has shown impressive performance. Its integration will bring tangible benefits to Scandinavian passengers, through improved connectivity, and to SAS teams, who would join a group of airlines united by excellence and a shared commitment to a more sustainable future for air travel."

SAS confirms, "Proud of this decision."

Similar tones also came from the Scandinavian shore from the president and CEO of SAS Scandinavian Airlines, Anko van der Werff: "I am proud to report that Air France-KLM is taking the necessary steps to become the majority shareholder in SAS-Scandinavian Airlines, increasing its stake in SAS to 60.5%. (...). With the strength of one of the largest groups in the world of air transport behind us, we will be able to look beyond mere stability to the opportunity to build a stronger, more globally connected and more competitive company."

It is surely no coincidence that news of the deal (which will have to get the green light from the Competition Authorities) comes just hours after SAS's announcement of the largest single order in its history. (by value and number of airplanes): The approximately $4 billion one placed with Embraer, which will see the arrival in Scandinavia of 55 state-of-the-art E195-E2 regional jets.

Van der Werff, in his social media message, was keen to make it clear that "SAS will remain proudly Scandinavian in heart, soul and look," thus confirming that the brand will not cease to exist and confirming the trend whereby the consolidation of the European air transport system will take place with the retention of existing brands, exactly the opposite of what has happened over the past 25 years in North America).

Last fall, the Scandinavian company, which was under the shield of Chapter 11 in the United States, had literally been 'saved' by the arrival of Air France/KLM., which had entered its capital with a 19.9% stake, joining the Castlelake fund (which has 32%), the Danish state (with 26%), and Lind Invest (with l8.6%). SAS then left Star Alliance to join Skyteam.

No announcements were made in the two companies' communications regarding frequent flyer programs, Air France/KLM's Flying Blue and SAS's Eurobonus, which therefore will continue to coexist. At the time the Scandinavian carrier joined Skyteam. however, there had been a devaluation of Eurobonus points for the purchase of award tickets on flights of some alliance companies.

With the "entry' of SAS, the Air France/KLM Group. (which also counts the low-cost Transavia), will have a total fleet of about 750 airplanes.