On July 4, 2025, Air France-KLM made headlines with its bold move to boost its ownership stake in Scandinavian Airlines (SAS), aiming to become the majority shareholder of the airline. The ambitious decision comes as Air France-KLM initiates the process to acquire equity stakes previously held by investment firms Castlelake and Lind Invest, solidifying their position with a commanding 60.5% share in the Scandinavian carrier.

The strategic maneuver traces back to 2023 when Air France-KLM, Castlelake, and Lind Invest strategically stepped in to support SAS amidst a comprehensive restructuring phase. This pivotal moment not only involved a substantial debt restructuring but also marked SAS' departure from its longstanding Star Alliance partnership, ushering it into the realms of Air France-KLM and the SkyTeam alliance.

With the recent acquisition, Air France-KLM outmaneuvers as the major stakeholder, with the Danish state securing the other significant share in SAS. The remaining ownership disperses amongst various minority shareholders, including the frontline staff, indicating a diverse stakeholder ecosystem within the airline.

While the acquisition price remains undisclosed, contingent upon SAS's financial metrics like EBITDA and Net Debt, the impending deal is poised to fortify the operational and commercial ties between Air France-KLM and SAS. The envisioned integration aims to leverage synergies in loyalty programs, network expansion, and enhanced connectivity between the two airlines.

In a recent conversation with Pilotcenter.net News, SAS CEO Anko van der Werff conveyed his aspirations to cultivate a deeper partnership between SAS and its associates in the Air France-KLM Group, notably Delta Air Lines and Virgin Atlantic. The sentiment was echoed by Air France-KLM CEO Benjamin Smith, who praised SAS's remarkable turnaround post-restructuring, expressing confidence in its sustained growth trajectory within the Air France-KLM fold.

Preceding the acquisition buzz, SAS signaled its optimism by placing a significant order for up to 55 Embraer E195 E2 aircraft on July 1, 2025. The substantial order underscores SAS's commitment to enhancing its feeder services at the Copenhagen hub and expanding its network within Scandinavia, underscoring a promising trajectory for the airline's future growth and operational prowess.