Air France-KLM Eyes Majority Control of SAS in Nordic Power Play

We’ve known since Air France-KLM’s initial deal that a majority stake was an option, but the speed and scale of the proposed transaction remains notable.

Air France-KLM announced Friday that it is to buy a majority stake in SAS Scandinavian Airlines. The Franco-Dutch group already owns 19.9% of SAS’s share capital – a holding it formally secured last year. The proposed transaction will see this rise to 60.5% through the acquisition of existing stakes held by asset management firms Castlelake and Lind Invest.

In a statement, AF-KLM said the development “reflects the successful turnaround of SAS and the positive results generated by the commercial cooperation initiated in 2024.”

It added that the deal will allow both parties to “fully unlock their synergy potential, confirm the Group’s expansion in the