Air France-KLM has initiated the process to acquire a majority stake in SAS Scandinavian Airlines (SK, Copenhagen Kastrup) by buying out the shares currently held by Castlelake and Lind Invest. The transaction, which is expected to be completed in the second half of 2026, will see the Franco-Dutch holding increase its stake from the current 19.9% to 60.5%.
The value of the transaction will be determined at closing. The deal remains subject to regulatory approvals, including a green light from the European Commission.
"We are excited by the prospect of fully welcoming SAS into the Air France-KLM family. 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. This operation would benefit our customers and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS teams whose dedication has been key to restore their airline to its rightful place," Air France-KLM chief executive officer Ben Smith 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. 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," added the president and chief executive officer of SAS, Anko van der Werff.
Castlelake, Air France-KLM, and Lind Invest acquired their current stakes in SAS - 32%, 19.9%, and 8.6%, respectively - as a part of the Scandinavian carrier's Chapter 11 restructuring in 2023. While the current minority stake held by Air France-KLM limits opportunities for commercial cooperation, SAS nonetheless exited Star Alliance (of which it was a co-founder) and joined Skyteam in 2024. It also has a codeshare and interline agreement with the holding. Shareholdings of less than 20% are subject to less rigorous competitive scrutiny by the European Commission.
The Danish government is currently SAS's second-largest shareholder, with a 26.4% stake, and will retain this holding and its seats on the board of directors.
Air France-KLM currently owns Air France with its regional subsidiary HOP! (France), KLM Royal Dutch Airlines with regional subsidiary KLM Cityhopper and cargo unit Martinair (Netherlands), Transavia Airlines, and Transavia France. The holding was open about its tentative intention to increase the stake in SAS, and has also been involved in the ongoing discussions about the sale of TAP Air Portugal and Air Europa.
