Air France-KLM and two investment funds will become the main shareholders of SAS

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There Scandinavian airline SAS announced yesterday thatAir France-KLM and the Castlelake and Lind Invest investment funds were going to become his main shareholdersalongside the Danish and Swedish states, as part of the funding solicitation process.

The total of these three investments combined in a consortium would amount to 1.175 billion dollars, including 475 million dollars in common shares and 700 million US dollars in secured convertible bonds. Air France-KLM’s investment would represent a total of US$144.5 million, including US$109.5 million in ordinary shares and US$35 million in secured convertible bonds. Following the transaction, the Franco-Dutch airline group would hold a 19.9% ​​stake in the share capital of SAS.

This is an important realization of our transformation plan“, said Carsten Dilling, president of SAS, in a statement. “We have conducted an extensive competitive bidding and evaluation process, and we are confident that the successful bid is the most favorable for SAS, its creditors and other stakeholders“, he added.

As previously announced, Air France-KLM is determined to play an active role in the consolidation of air transport in Europe. The planned cooperation with SAS is one of the components of the group’s strategic roadmap“, declared Air France-KLM in a press release.

This is an important day for SAS and for Air France-KLM. We are pleased to be part of the consortium selected by the SAS board of directors. Air France-KLM intends to establish strong commercial ties with the company. Thanks to its historic roots in Scandinavia and its strong brand, SAS presents considerable potential for Air France-KLM. This cooperation would allow Air France-KLM to strengthen its presence in the Nordic countries and improve connectivity in this region for the benefit of Scandinavian and European travelers. We look forward to participating in this new chapter in the history of SAS and thank its board of directors for the trust it has placed in us“, added Benjamin Smith, the general director of the Franco-Dutch group.

With the Danish and Swedish states as its largest shareholders, SAS filed for bankruptcy protection in the United States last year, after years of struggling with high costs and falling profits. travel demand linked to the coronavirus pandemic.

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