Latest news with #LindInvest
Travel Weekly
2 hours ago
- Business
- Travel Weekly
Air France-KLM proposes to acquire a controlling stake in SAS
Air France-KLM has begun a process to take a controlling stake in fellow SkyTeam Alliance member Scandinavian Airlines (SAS). If the arrangement receives regulatory approval, Air France-KLM hopes to close the transaction in the second half of 2026. Air France-KLM took a 19.9% stake in SAS as part of the financial restructuring package that ushered the Sweden-headquartered airline out of Chapter 11 bankruptcy last summer. Under the new takeover agreement, Air France-KLM would acquire the SAS stakes currently held by global investment firm Castlelake and Danish company Lind Invest, leaving it with 60.2% of the Scandinavian carrier. The Danish state would retain 26.4% ownership of SAS and a seat on the board. The purchase price would be determined at closing, based on SAS's valuation. SAS currently codeshares and interlines with Air France-KLM. SAS joined SkyTeam last September, jumping over from the Star Alliance as Air France-KLM became a large shareholder. "This new step would allow Air France-KLM and SAS to fully unlock their synergy potential via a comprehensive integration in all areas of business, including loyalty, and would extend beyond commercial activities," Air France-KLM said in a statement. SAS said the move reflects a broader trend toward airline consolidation. SAS called joining Air France-KLM, "a step that is essential to ensuring long-term competitiveness for European carriers in an increasingly globalized market."
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Air France-KLM looking to take controlling stake in SAS airline
SAS recorded revenue of US$4.8 billion in 2024, carrying about 25 million passengers. (EPA Images pic) PARIS : The Air France-KLM airline group today said that it 'will initiate proceedings' to acquire a majority stake in Scandinavian airline SAS, of which it is already a major shareholder. 'Air France-KLM intends to increase its stake in SAS's share capital, from 19.9% currently to 60.5%, via a full acquisition of the stakes held by Castlelake and Lind Invest,' the French-Dutch group said. Air France-KLM acquired its initial stake in the summer of 2024 after the Scandinavian airline had been weakened by the Covid pandemic. The airlines began some code-sharing and joint marketing, including bringing SAS into their SkyTeam alliance. Air France-KLM has never hidden its intention to increase its stake in SAS. 'This contemplated transaction reflects the successful turnaround of SAS and the positive results generated by the commercial cooperation initiated in 2024,' Air France-KLM said, adding that it intends to close the operation by the second half of 2026 if it can overcome regulatory hurdles. It said that the value of the contemplated investment would be determined at closing, based on SAS's latest financial performances. Air France-KLM's initial 19.9% investment in SAS was valued at US$144.5 million. In case of success, Air France-KLM said that SAS would become a subsidiary of the group, which would allow them to 'fully unlock their synergy potential via a comprehensive integration in all areas of business.' Air France-KLM would hold the majority of the seats on SAS's board. SAS had revenue of €4.1 billion (US$4.8 billion) in 2024, carrying some 25 million passengers. Air France-KLM, meanwhile, generated revenue of €31.5 billion and carried some 98 million passengers.
Yahoo
4 days ago
- Business
- Yahoo
Air France-KLM to take majority stake in SAS
PARIS (Reuters) -Air France-KLM said on Friday it plans to increase its stake in Scandinavian airline SAS to 60.5%, up from 19.9% currently, by acquiring the stakes held by top shareholder Castlelake and Lind Invest. The purchase, subject to obtaining the necessary regulatory clearances, is expected to close in the second half of 2026, it said. The value of the investment would be determined at closing, based on SAS's latest financial performance, including EBITDA and net debt, added the company. Air France-KLM CEO Ben Smith told Reuters in March that the company was looking to raise its stake in SAS, as the carrier was meeting the necessary milestones, including integration into the SkyTeam airline alliance, of which Air France-KLM is also a member. The two carriers have already had a commercial cooperation since summer 2024. Control of SAS would allow Air France-KLM to expand in the Scandinavian market and create additional value for shareholders, said the Air France-KLM statement. "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," said Smith. The stake sale comes as executives seek more consolidation in Europe's fragmented airline industry, which they say is needed to compete with U.S. and Middle Eastern rivals. SAS has 138 aircraft in service and carried more than 25 million passengers last year, generating revenues of 4.1 billion euros. The group would have a majority of seats on the board of directors, while the Danish state will keep its 26.4% stake in SAS and its seats on the board. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
