Air France-KLM Set to Take Majority Stake in SAS

Air France – KLM announced today (July 4) they plan to take a majority share of Scandanavian airline SAS.

Currently the airline holds just under 20% share, and it plans to increase that to 60.5%, which would give Air France-KLM control of SAS, making SAS a subsidiary of the Air France-KLM Group. Since the summer of 2024, there has been an implemented a commercial cooperation between SAS, Air France and KLM in the form of extended codeshare and interline agreements which was further strengthened by SAS joining the SkyTeam alliance.   

The move will also allow Air France-KLM and SAS to fully align in all areas of business, including loyalty. The Group would hold the majority of seats on the airline’s Board of Directors.

“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family”, said Benjamin Smith, CEO of Air France-KLM. “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.

This operation would benefit our customers and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS teams whose dedication has been key to restore their airline to its rightful place. They would join a group of airlines united by a shared commitment to excellence and a more sustainable future for air transport. We look forward to this new chapter in our shared journey.” 

SAS currently has 138 aircraft serving 130 destinations and 25 million passengers in 2024, with €4.1 B in revenue.

Subject to the obtaining of all the necessary regulatory clearances and satisfaction of all conditions precedent, the ambition is to close in the second half of 2026.