The journey to this acquisition began on October 2, 2023, when SAS made the unprecedented decision to depart from Star Alliance and join SkyTeam. At the time, Air France-KLM had acquired a 19.9% stake in the financially troubled SAS, paving the way for new strategic collaborations. This realignment was groundbreaking, as SAS was a founding member of Star Alliance.
Under this new plan, Air France-KLM aims to increase its ownership of SAS from 19.9% to 60.5% by purchasing shares held by Castlelake and Lind Invest. This would establish Air France-KLM as the majority stakeholder, with the Danish government retaining its 26.4% share and board representation.
If government regulators approve the deal, it is expected to close in the second half of 2026, with the final price contingent on SAS’s financial performance at that time. Air France-KLM’s interest in SAS follows impressive financial recovery and performance metrics from the Scandinavian carrier, according to a recent press release.
Benjamin Smith, CEO of Air France-KLM, commented on the development, expressing enthusiasm for integrating SAS into the group. “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,” he stated.
The move also aligns with Air France-KLM’s broader growth strategy, as the group has expressed interest in acquiring Portuguese airline TAP, further expanding its European footprint.
For travelers, this acquisition could mean enhanced connectivity across Europe and potentially integrating SAS into the Flying Blue loyalty program, marking the end of SAS’s EuroBonus program. This echoes similar moves in the industry, such as Lufthansa Group’s acquisition of ITA Airways and its integration into the Miles & More program, replacing ITA’s Volare loyalty scheme.
Aviation industry experts view this acquisition as a bold step in an era of increasing consolidation among European airline groups. Dr. Lars Jensen, an aviation analyst, noted, “The Air France-KLM Group’s move to acquire a majority stake in SAS underscores the strategic importance of expanding its reach and influence in the competitive European market. This consolidation trend is likely to continue as airlines seek to optimize operations and leverage synergies.”
