Date: July 4, 2025
Air France–KLM has announced plans to become the majority owner of Scandinavian Airlines (SAS) by increasing its stake from 19.9% to 60.5%. This will be achieved by acquiring the entire holdings of current investors Castlelake and Lind Invest, who together own approximately 40.6% of the airline. The value of Air France-KLM’s investment in SAS would be determined at closing, based on SAS’s latest financial performance.
The deal will cement SAS’s position as a subsidiary within the Air France–KLM Group, giving the Franco-Dutch airline control of the SAS board and strategic direction.
This development comes after a period of dramatic restructuring for SAS. Following its Chapter 11 bankruptcy filing in the U.S. in 2022, the airline restructured its finances and exited bankruptcy in August 2024. As part of that process, a new group of investors injected $1.2 billion into the company. Castlelake, Lind Invest, the Danish government, and Air France–KLM emerged as key shareholders at that time.
Air France–KLM’s decision to pursue majority ownership is driven by SAS’s strong financial and operational turnaround, the success of their existing commercial cooperation, and the Group’s confidence in the Scandinavian carrier’s long-term potential within the broader network.
SAS CEO Anko van der Werff hailed the move as “a defining moment and a strong signal of confidence in the direction we’re heading.”
Air France–KLM CEO Benjamin Smith emphasized the strategic and emotional significance of the acquisition, describing it as a milestone for both companies and for Scandinavian passengers.
“We are excited by the prospect of fully welcoming SAS into the Air France–KLM family,” he said, praising SAS’s impressive performance post-restructuring and the airline’s potential for further growth. Smith pointed to the benefits of “deeper integration,” which would strengthen SAS’s position within a broader network and deliver “enhanced connectivity” for customers across Scandinavia and beyond.
Under the new ownership structure:
- Air France–KLM will hold 60.5%
- The Danish government retains a 26.4% stake
- Castlelake and Lind Invest will fully exit as shareholders
The transaction is expected to close in the second half of 2026, pending regulatory approval.
The deal underscores a broader trend of consolidation in European aviation, as legacy carriers seek scale, operational synergies, and network strength in an increasingly competitive global market.
By deepening its ties with Air France–KLM, SAS is entering a new phase – one that preserves its Scandinavian roots while expanding its reach through one of Europe’s most powerful airline groups.
Image: SAS Newsroom
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