Scandinavian airline SAS is set to become majority-owned by Air France-KLM, as part of a long-term investment strategy to further integrate the Nordic carrier into its European aviation network.
The Franco-Dutch group plans to increase its stake in SAS from 19.9% to 60.5% by acquiring shares held by major investors Castlelake and Lind Invest.
The transaction, subject to regulatory approval, is expected to close in the second half of 2026.
Air France-KLM said the investment will help unlock “three-digit million” euros in synergies across operations and networks. The final investment value will depend on SAS’s financial performance at the time of closing, including earnings and debt position.
The Danish state will retain its 26.4% stake in SAS, along with seats on the airline’s board. Once completed, Air France-KLM will hold a majority of board seats and effectively take control of the Scandinavian carrier.
Strengthening SAS’s Position
The move comes just a year after SAS emerged from Chapter 11 bankruptcy protection in August 2024. Since then, the airline has shifted alliances, leaving Star Alliance to join SkyTeam, and begun reshaping its product to appeal to premium travellers.
One recent example of this shift is the reintroduction of Business Class on European routes, set to launch in October 2025. For many years, SAS relied on two economy-focused options—SAS Go and SAS Plus.
The upcoming SAS Business Class offering will bring the airline in line with SkyTeam partners such as KLM, featuring a dedicated cabin, improved onboard service, and the increasingly rare ‘blocked middle seat’ policy.
SAS has described the move as part of a broader strategy to win back premium passengers, particularly those connecting through major SkyTeam hubs like Amsterdam and Paris.
A New Era for Scandinavian Aviation?
Air France-KLM first invested in SAS in 2023 with an option to become a controlling shareholder after two years. The latest move confirms the group’s long-term interest in expanding its presence across Sweden, Denmark and Norway.
“SAS has delivered impressive performance following their successful restructuring,” said Air France-KLM CEO Ben Smith in a statement. “We are confident that the airline’s potential will continue to grow through deeper integration within the Air France-KLM Group.”
The deal reflects a broader trend in European aviation toward consolidation, as legacy carriers look to strengthen their global competitiveness in the face of growing pressure from US and Middle Eastern airlines.
SAS currently operates 138 aircraft and carried more than 25 million passengers last year, generating over €4 billion in revenue.
For travellers based in Scandinavia, this deeper partnership may bring improved global connectivity and a more consistent experience across the SkyTeam network. It may also signal further changes ahead for SAS’s onboard offerings, frequent flyer programme, and route strategy.
