………..The company will own 60.5% of the airline.

By Zach Vasile

Air France-KLM announced Friday that it will take a majority stake in Scandinavian Airlines, the national airline of Denmark, Norway, and Sweden.

In a statement, the company said it will fully acquire stakes held by investment firms Castlelake and Lind Invest, boosting its share of SAS from 19.9% to 60.5%.

No financial terms were disclosed. The deal must be cleared by European regulators, and is tentatively scheduled to close in the second half of 2026.

If the acquisition does go through, SAS would become a subsidiary of Air France-KLM. The two already have a codeshare agreement in place, but a majority buyout would allow for even greater integration, including reciprocity in loyalty programs.

An Air France Airbus A319 (Photo: AirlineGeeks | William Derrickson)

Air France-KLM said the government of Denmark will retain its 26.4% stake in SAS and its seats on the carrier’s board of directors.

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

“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.”

Air France-KLM is headquartered in Paris and serves as the holding company for Air France, KLM Royal Dutch Airlines, and low-cost carrier Transavia.

The company took its initial stake in SAS in 2023 as the airline underwent restructuring after filing for bankruptcy protection in the U.S. SAS fully emerged from bankruptcy in August 2024.