Air France-KLM is fulfilling its option to take control of SAS Scandinavian Airlines after investing for the first time in the carrier last year.
Under an agreement filed on Friday, the Paris Airline Group will increase its property participation in SAS to 60.5% by the end of 2026, compared to 19.9% today. That would give Air France-KLM majority control of the Scandinavian airline and a dominant position in the Nordic region of Europe.
“We are excited about the perspective of welcoming SAS to the Air France-KLM family,” said Ben Smith, CEO of Air France-KLM, in a statement. “This operation would benefit our clients and all the Scandinavians who would enjoy improved connectivity, as well as the SAS teams whose dedication has been key to restore their airline to their legitimate place.”
The more you know: The best time to book flights for the cheapest air passage
SAS is one of several carriers in the center of the last consolidation wave of European Airlines. The initial investment of Air France-KLM in 2024 saw the loyalty of the Scandinavian airline to The Skyteam alliance of Star Allianceand forge new associations with the tastes of Delta Air Lines. Itay’s Ita Airways, Portugal’s Tap Air Portugal and Spain’s Air Europa are also among the acquisition objectives with The Lufthansa Group that Ita acquires Earlier this year, and Tap and Air Europa are still in negotiations with suitors.
The net result is a changing map of airline associations, including the change from SAS to Skyteam and the pending movement of Ita to Star. International Airlines Group (IAG), parent company British Airways and IberiaAccording to the reports, it is in nearby conversations to acquire TAP, which would be a profit for the Oneworld alliance at the expense of Star.
Daily Bulletin
Reward your entrance tray with the TPG Diario Bulletin
Join more than 700,000 readers to receive news, in -depth guides and exclusive agreements of TPG experts
Since he changed to the orbit of Air France-KLM in 2024, SAS has expanded its connections with the group and other Skyteam members. The airline has added indicators of its main center at the Copenhagen Airport (CPH) to John F. Kennedy International Airport (JFK) by Delta’s New York (JFK) and Seattle-Tacoma International Airport Centers (Sea)And the Seoul Incheon airport center by Korean Air (ICN), program data from the Cirium aviation analysis firm.
Air France-KLM executives have said that SAS will eventually join the Transatlantic company a Join of the group with Delta and Virgin Atlantic Airways.
The investment is SAS also adds an important third European center, Copenhague, to the Air France-KLM network. Its main centers, Amsterdam Schiphol (AMS) airport for KLM and Paris Airport Charles de Gaulle (CDG) for Air France, face several growth limitations. The Dutch government is actively working to restrict flights in Schiphol, while industrial actions and other limits challenge Charles de Gaulle operations. Copenhagen, according to airport authorities, has space to grow.
SAS also has large bases at the Oslo Airport (OSL) and Arlanda Airport in Stockholm (RNA).
Air France-KLM will increase your participation in SAS by buying other investors Castlelake and Lind Invest. The agreement is expected to close in the second half of 2026 waiting for regulatory approval.
Related reading:
