Air France-KLM group, together with U.S. investment firm Castlelake, will become new major shareholders in the Scandinavian flag carrier SAS.
Scandinavian Airlines, SAS, filed for bankruptcy protection in the United States in the middle of 2022 following a number of setbacks. In the beginning of October 2023 the airline stated that a consortium led by Castlelake, Danish investment firm Lind Invest and Air France-KLM will invest $1.175 billion in the company.
The new consortium means that Castlelake will take a stake of about 32 %, Air France-KLM will hold about 20 %, Lind Invest will hold 8,6 % and the Danish state will remain holding about 26 %.
The acquisition by Air France-KLM Group will strengthen their presence in Scandinavia. The purchase will most likely lead to SAS leaving Star Alliance, where they are a founding member and key partner, and instead join the rivaling SkyTeam alliance.