The Air France-KLM Group has successfully completed the acquisition of a 19.9% non-controlling stake in the share capital of SAS AB. This operation follows the receipt of regulatory approvals in Europe and the United States.
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In parallel to the financial transaction and as previously announced, Air France-KLM and SAS have signed far-reaching interline and codeshare agreements to connect their hubs and networks. These agreements, which cover reciprocal loyalty program benefits, will enter into force as early as September 1, 2024. On the same day, SAS will join the Skyteam alliance, of which Air France and KLM are founding members.
Benjamin Smith, The Air France-KLM Group CEO said: “We are pleased to have completed this strategic transaction. SAS will enhance the Group’s footprint in the Scandinavian markets. SAS, Air France and KLM customers will now have a larger number of destinations via codeshares. Skyteam will immediately gain a new strategic member.”
The members of the Consortium now effectively hold an aggregate 86.4% stake in the share capital of the reorganized SAS AB (exclusive of the recovery by the Danish State in its capacity as a creditor of SAS and pursuant to SAS’s restructuring plans), having invested $1.2 billion USD in the company, by subscribing for $475.0 million USD of common shares and by purchasing $725.0 million USD of senior secured convertible notes.
The Air France-KLM Group itself invested a total of $144.5 million USD in SAS AB, by subscribing for $109.5 million USD of common shares and by purchasing $35.0 million USD of senior secured convertible notes.
