Cap North for Air France-KLM. The air group has begun “the process for majority equity in the capital” of the Scandinavian company SAS, of which it is already one of the main shareholders, announced Friday.
The group had entered the capital of the Scandinavian company in the summer of 2024, weakened in particular by the Epidemic of COVVI-19 E had initiated commercial cooperation between Air France, KLM and SAS, based on expanded codes and interlim marketing agreements (which allows combining a unique ticket of the flights provided by companies).
This cooperation had been reinforced by the entrance of SAS into the Skyteam alliance. Air France-KLM had not made my own intentions to “increase their participation to become a control shareholder after a minimum of two years.”
The value of investment still to be determined
Air France-KLM is aimed at “all the actions in the hands of Castlelake and Lind Invest, which has its own participation in SAS to 60.5%”, while the Danish state would retain its 26.4%participation, as well as its seats in the Board of Directors, the group said.
The expected investment value “would be determined at the time of the completion of the operation, depending on the last financial performance of SAS, including Ebitda and net debt. This operation would be aligned with the financial perspectives of the group in the medium term.” When he entered the capital, Air France-KLM clarified to have ended the acquisition of its 19.9% for $ 144.5 million.
In the case of the success of the acquisition of this majority participation, SAS would become a subsidiary of the group, which expects “synergies thanks to the integration in all fields of the activity, including loyalty programs, and beyond commercial functions.” The Franco-Dutch team would celebrate most seats on the board of directors of the airline, whose group rents a “long-term potential”.
Source: BFM TV
