SAS AIRLINES. Photo: Shutterstock The Air France-KLM Group plans to significantly increase its stake in Scandinavian airline SAS — from the current 19.9% to 60.5%.
Pending regulatory approval, this move would make Air France-KLM the controlling shareholder of SAS, which would become a full subsidiary of the group. Air France-KLM would also secure a majority of seats on the airline’s board. To complete the transaction, the group intends to acquire shares currently held by Castlelake and Lind Invest.
According to the group's statement, the transaction reflects SAS's successful turnaround and the positive results stemming from the commercial cooperation that began in the summer of 2024, including the implementation of enhanced codeshare and interline agreements, alongside SAS's joining of the SkyTeam alliance.
Photo: Shutterstock“The share acquisition will allow Air France-KLM and SAS to realize their full synergy potential, confirm the group's expansion in the Scandinavian market and create further potential for shareholder value,"
The increase in Air France-KLM's stake is subject to obtaining all necessary regulatory approvals, with the company aiming to close the deal in the second half of 2026.
The value of Air France-KLM's planned investment in SAS will be determined at closing, based on SAS's financial performance.
“We are excited about the prospect of fully welcoming SAS into the Air France-KLM family,” said Benjamin Smith, CEO of Air France-KLM. “Following its 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 move will benefit our clients and all Scandinavian customers who will enjoy improved connectivity, as well as the dedicated SAS teams whose commitment was key to getting their airline back on track. They will join a group of airlines united by a shared commitment to excellence and a more sustainable future for air transport. We look forward to this new chapter in our joint journey.
As we recently reported, Air France is expected to resume flights to Israel as soon as next Monday, July 7, 2025, following a brief hiatus due to the conflict with Iran. To mark its return, Air France has launched a personal marketing campaign, visiting travel agencies across the country with croissants in tow.
After 9 years of absence, SAS is also expected to return to Israel with three weekly flights between Tel Aviv and Copenhagen.
It is not yet known when KLM will resume its route between Tel Aviv and Amsterdam.
Photo: Air France-KLM