Air France–KLM to Take Control of SAS in Game-Changing Nordic Power Move

Air France–KLM has announced its intention to acquire a controlling 60.5 percent stake in Scandinavian Airlines (SAS). The proposed acquisition would see the Franco-Dutch group assume majority ownership of SAS by purchasing shares currently held by Castlelake and Lind Invest.

The investment is seen as a bold vote of confidence in the Scandinavian carrier’s post-restructuring resurgence—and a move that positions Air France–KLM to challenge the Lufthansa Group and IAG more directly in Europe.

Photo: Courtesy of Air France

Pending regulatory approval, the deal is expected to close in the second half of 2026, transforming SAS into a full-fledged subsidiary of Air France–KLM and enabling deeper integration across commercial operations, loyalty programs, and governance.

“We are excited by the prospect of fully welcoming SAS into the Air France-KLM family,” said Benjamin Smith, CEO of Air France–KLM.

Photo: Ben Smith. Courtesy of Air France-KLM

“Following their successful restructuring, SAS has delivered impressive performance, and we are confident that the airline’s potential will continue to grow through deeper integration within the Air France–KLM Group.”

Looking Back: From Cooperation to Control

The announcement builds on more than a year of growing commercial cooperation between the two airline groups. Since October 2023, SAS has partnered with Air France and KLM through expanded codeshare and interline agreements, and in a major strategic pivot, SAS officially joined the SkyTeam alliance in 2024—exiting Star Alliance as its founding partner.

That move now appears to have been just the beginning of a deeper transformation.

Photo: Courtesy of SAS

“The contemplated transaction reflects the successful turnaround of SAS and the positive results generated by the commercial cooperation initiated in 2024,” Air France–KLM stated. “It would allow both groups to fully unlock their synergy potential and create additional value for shareholders.”

If the deal proceeds as planned, Air France–KLM would hold the majority of seats on SAS’s board. The Danish government, which played a key role in rescuing SAS during its Chapter 11 process, would retain a 26.4 percent stake and maintain board representation—ensuring continued Scandinavian oversight.

SAS Stays Nordic

Despite the prospect of majority foreign ownership, SAS leadership is accentuating the continuity of identity and purpose.

“Air France–KLM becoming the majority owner would mark a defining moment for SAS and a strong signal of confidence in the direction we’re heading,” said Anko van der Werff, President and CEO of SAS. “It brings not just stability but will also allow for deeper industrial integration and the full backing of one of the world’s leading airline groups.”

Photo: Anko van der Werff, SAS CEO. Courtesy of SAS

Van der Werff was quick to affirm that SAS will remain distinctly Scandinavian: “We remain true to our identity, heritage, and deep customer focus. SAS will continue to be proudly Scandinavian at heart, look, and feel.”

He also emphasized Copenhagen’s future as a global hub under the new ownership structure, while maintaining strong strategic operations in Oslo and Stockholm.

Photo: SAS, Airbus A320. Courtesy of Miguel Angel Sanz / Unsplash

“This relationship is grounded in mutual respect, dedication to operational excellence, and strong sustainability ambitions. As global interest in Scandinavia continues to grow, we believe this consolidation strengthens SAS’s ability to connect Scandinavia with the world—and the world with Scandinavia,” he said.

Why It Matters?

For Air France–KLM, this majority stake strengthens its position in a region where the Lufthansa Group has traditionally held sway through carriers such as SWISS and Brussels Airlines.

With IAG’s recent growth in Spain and the UK, the acquisition of SAS gives Air France–KLM a powerful foothold in the Nordic market—an increasingly important arena as travel demand returns to pre-pandemic levels and beyond.

Photo: Air France, Boeing 787-9 Dreamliner. Courtesy of Boeing

Industry analysts have long predicted a wave of consolidation in Europe’s fragmented airline sector. This move is emblematic of that trend, driven by rising costs, sustainability imperatives, and the need for scale in an increasingly competitive global landscape.

“The acquisition of this majority stake would give Air France–KLM control of SAS, which would become a subsidiary of the Group,” the company noted. “This new step would allow both groups to unlock their synergy potential via a comprehensive integration in all areas of business, including loyalty, and would extend beyond commercial activities.”

A Leaner, Stronger SAS Emerges

SAS’s court-supervised restructuring, which included operational and financial overhauls under Chapter 11 proceedings, appears to have positioned the carrier for long-term viability. The airline has earned international recognition for its punctuality, continued fleet modernization, and targeted network expansion.

Photo: SAS. Courtesy of Niklas Jonasson / Unsplash

“These developments reflect the significant improvement of SAS’s financial and operational performance, the success of the current commercial cooperation, as well as the Group’s confidence in the Scandinavian carrier’s long-term potential,” said Smith.

In addition to launching all-new uniforms for its flight crew, SAS has also embarked on a major transformation of its in-flight service. Currently, the airline is retrofitting its aircraft with Starlink Wi-Fi connectivity and a new in-flight dining experience named ‘Flavors by SAS.’

Photo: Courtesy of SAS

With its new majority owner, SAS now enters a transformative chapter—one that could bring broader connectivity for Nordic travelers, deeper loyalty integration with Flying Blue, and increased investment in sustainable operations.

Whether the acquisition achieves its full potential will hinge on regulatory approvals and the success of integration, but for now, the skies over Scandinavia appear to be aligning in Air France–KLM’s favor.

What’s Next?

If approved, SAS will formally join Air France, KLM, and Transavia under the Air France–KLM Group umbrella, offering seamless SkyTeam benefits and cross-border connectivity for travelers throughout Europe and beyond.

For business travelers and frequent flyers, the deal signals a stronger, more coherent Nordic presence in the European airline ecosystem—one backed by the resources and ambitions of a global aviation powerhouse.