Air France-KLM has begun proceedings to increase its ownership in Scandinavian airline SAS from 19.9% to 60.5% by acquiring shares held by Castlelake and Lind Invest. The transaction, expected to close in the second half of 2026, is subject to regulatory approvals and final conditions.
The move follows a successful commercial partnership launched in 2024, including codeshare agreements and SAS leaving the Star Alliance to join the SkyTeam alliance. Air France-KLM sees the acquisition as a way to deepen integration, unlock synergies across all business areas—such as loyalty programmes—and expand its footprint in the Scandinavian market.
The Danish State will retain its 26.4% stake and board representation. SAS would become a subsidiary of Air France-KLM, with the Group holding the majority of board seats. The final investment value will be based on SAS’s financial performance at closing.
Air France-KLM cites SAS’s strong turnaround and long-term potential as key drivers for the acquisition. CEO Benjamin Smith called the move a “new chapter” that would enhance connectivity for Scandinavian travellers and further the Group’s sustainability goals.