Air France–KLM to Acquire Majority Stake in SAS, Cementing Nordic Expansion

Air France‑KLM is to acquire a 60.5 percent majority stake in Scandinavian Airlines (SAS), moving from a 19.9 percent holding to complete control. This involves purchasing shares from Castlelake (32 percent) and Lind Invest (8.6 percent).

The Danish government will retain its 26.4 percent stake and board representation, with other shareholders holding the remaining 13.1 percent.

In August 2024, Air France‑KLM joined a consortium (with Castlelake, Lind Invest, and Denmark), investing $1.175 billion during SAS’s Chapter 11 restructuring. It took an initial 19.9 percent non-controlling stake. On July 4, 2025, the airline announced its intent to buy out Castlelake and Lind Invest stakes, aiming to close H2 2026, pending regulatory approval.

SAS joined SkyTeam (one of the three major global airline alliances, alongside Star Alliance and Oneworld) and activated extensive codeshare and interline agreements with Air France–KLM starting September 2024.

“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,” says Anko van der Werff, SAS CEO.

By broadening its Scandinavian presence, Air France‑KLM strengthens its position against low-cost carriers like Norwegian and heavyweights such as Lufthansa through scale and network depth.

Cover photo by Niklas Jonasson on Unsplash