Press release - Air France-KLM completes acquisition of a non-controlling stake in the share capital of SAS AB
Air France-KLM Group has completed the acquisition of a 19.9% non-controlling stake in SAS AB. This strategic move, part of a larger consortium investment, aims to enhance the Group's presence in Scandinavian markets. The transaction includes:
- A total investment of $144.5 million USD by Air France-KLM
- Extensive commercial cooperation beginning September 1, 2024
- SAS joining the SkyTeam alliance
- Codeshare and interline agreements providing access to 33 new destinations for each airline's customers
- Reciprocal loyalty program benefits
The deal allows for potential future increase in Air France-KLM's stake, subject to conditions. This investment aligns with Air France-KLM's strategic roadmap and was already factored into its 2024 financial trajectory.
Il Gruppo Air France-KLM ha completato l'acquisizione di una partecipazione non di controllo del 19,9% in SAS AB. Questa mossa strategica, parte di un investimento consortile più ampio, mira a rafforzare la presenza del Gruppo nei mercati scandinavi. La transazione include:
- Un investimento totale di 144,5 milioni di dollari USD da parte di Air France-KLM
- Una vasta cooperazione commerciale a partire dal 1° settembre 2024
- L'entrata di SAS nell'alleanza SkyTeam
- Accordi di codeshare e interlinea che offrono accesso a 33 nuove destinazioni per i clienti di ciascuna compagnia aerea
- Benefici reciproci nel programma di fidelizzazione
Accordo che consente un potenziale aumento futuro della partecipazione di Air France-KLM, soggetto a condizioni. Questo investimento si allinea con la roadmap strategica di Air France-KLM ed è già stato considerato nella sua traiettoria finanziaria per il 2024.
El Grupo Air France-KLM ha completado la adquisición de una participación no controladora del 19,9% en SAS AB. Este movimiento estratégico, parte de una inversión consorciada más amplia, tiene como objetivo mejorar la presencia del Grupo en los mercados escandinavos. La transacción incluye:
- Una inversión total de 144,5 millones de dólares USD por parte de Air France-KLM
- Amplia cooperación comercial a partir del 1 de septiembre de 2024
- SAS se unirá a la alianza SkyTeam
- Acuerdos de codeshare e interlínea que proporcionarán acceso a 33 nuevos destinos para los clientes de cada aerolínea
- Beneficios recíprocos en el programa de lealtad
El acuerdo permite un posible aumento futuro en la participación de Air France-KLM, sujeto a condiciones. Esta inversión se alinea con la hoja de ruta estratégica de Air France-KLM y ya se ha tenido en cuenta en su trayectoria financiera para 2024.
에어 프랑스-케이엘엠 그룹은 SAS AB의 비지배 주식 19.9% 인수를 완료했습니다. 이 전략적 움직임은 더 큰 컨소시엄 투자 부분으로, 그룹의 스칸디나비아 시장에서의 존재감을 강화하는 것을 목표로 합니다. 이 거래에는 다음이 포함됩니다:
- 에어 프랑스-케이엘엠의 총 투자액 1억 4450만 달러 USD
- 2024년 9월 1일부터 시작되는 광범위한 상업 협력
- SAS가 스카이팀 동맹에 가입
- 각 항공사의 고객에게 33개의 새로운 목적지에 대한 접근을 제공하는 코드쉐어 및 인터라인 계약
- 상호 로열티 프로그램 혜택
이 계약은 조건에 따라 에어 프랑스-케이엘엠의 지분을 향후 증가시킬 수 있는 가능성을 제공합니다. 이 투자는 에어 프랑스-케이엘엠의 전략적 로드맵과 일치하며 2024년 재정 계획에 이미 반영되었습니다.
Le Groupe Air France-KLM a finalisé l'acquisition d'une participation non contrôlante de 19,9 % dans SAS AB. Ce mouvement stratégique, qui fait partie d'un investissement consortium plus large, vise à renforcer la présence du Groupe sur les marchés scandinaves. La transaction comprend :
- Un investissement total de 144,5 millions de dollars USD de la part d'Air France-KLM
- Une coopération commerciale extensive à compter du 1er septembre 2024
- L'adhésion de SAS à l'alliance SkyTeam
- Des accords de codeshare et interligne offrant un accès à 33 nouvelles destinations pour les clients de chaque compagnie aérienne
- Des avantages réciproques dans le programme de fidélité
Cet accord permet une éventuelle augmentation future de la participation d'Air France-KLM, sous réserve de conditions. Cet investissement est en adéquation avec la feuille de route stratégique d'Air France-KLM et a déjà été pris en compte dans sa trajectoire financière pour 2024.
Die Air France-KLM Gruppe hat den Erwerb einer nicht kontrollierenden Beteiligung von 19,9% an SAS AB abgeschlossen. Diese strategische Maßnahme, Teil einer größeren Konsortialinvestition, zielt darauf ab, die Präsenz der Gruppe auf den skandinavischen Märkten zu stärken. Die Transaktion umfasst:
- Eine Gesamtinvestition von 144,5 Millionen USD durch Air France-KLM
- Umfassende kommerzielle Zusammenarbeit ab dem 1. September 2024
- SAS tritt der SkyTeam-Allianz bei
- Codeshare- und Interline-Vereinbarungen, die den Kunden jeder Fluggesellschaft Zugang zu 33 neuen Zielen bieten
- Gegenseitige Vorteile im Treueprogramm
Das Geschäft ermöglicht eine potenzielle zukünftige Erhöhung der Beteiligung von Air France-KLM, abhängig von Bedingungen. Diese Investition steht im Einklang mit dem strategischen Fahrplan von Air France-KLM und wurde bereits in seine finanzielle Prognose für 2024 einbezogen.
- Acquisition of 19.9% stake in SAS AB enhances Air France-KLM's presence in Scandinavian markets
- Extensive commercial cooperation and codeshare agreements provide access to 33 new destinations for each airline
- SAS joining SkyTeam alliance strengthens the network's presence in Northern Europe
- Potential for Air France-KLM to become a controlling shareholder in the future
- Investment of $144.5 million USD aligns with Air France-KLM's strategic roadmap
- Non-controlling stake limits immediate influence over SAS AB's operations
- Increase to controlling stake is subject to regulatory conditions and financial performance
- Investment may impact short-term liquidity of Air France-KLM
Paris, 28 August 2024
The Air France-KLM Group completes acquisition of a non-controlling stake in the share capital of SAS AB. Extensive commercial cooperation to begin September 1, 2024
The Air France-KLM Group today announced that it has successfully completed the acquisition of a
In parallel to the financial transaction and as previously announced, Air France-KLM and SAS have signed far-reaching interline and codeshare agreements to connect their hubs and networks. These agreements, which cover reciprocal loyalty program benefits, will enter into force as early as September 1, 2024. On the same day, SAS will join the Skyteam alliance, of which Air France and KLM are founding members.
Benjamin Smith, The Air France-KLM Group CEO said: “We are pleased to have completed this strategic transaction. SAS will enhance the Group’s footprint in the Scandinavian markets. SAS, Air France and KLM customers will now have a larger number of destinations via codeshares. Skyteam will immediately gain a new strategic member.”
This transaction was concluded by the Air France-KLM Group as part of a consortium of investors which also includes Castlelake L.P. on behalf of certain funds or affiliates, Lind Invest ApS, and the Danish State.
The members of the Consortium now effectively hold an aggregate
The Air France-KLM Group itself invested a total of
Specific provisions have been agreed upon between the members of the Consortium, whereby Air France-KLM’s stake could be increased such that Air France-KLM may become a controlling shareholder, after a minimum of two years, subject to among other things, certain regulatory conditions and financial performance.
This investment is a component of Air France-KLM’s strategic roadmap. It was already considered in the Group’s financial trajectory for the year 2024 and has no impact on its medium-term outlook.
Commercial cooperation already well underway
As announced by the Air France-KLM Group on July 11, 2024, Air France, KLM and SAS have signed codeshare and interline agreements with the aim of providing their respective customers with extended travel options.
Beginning September 1, 2024, Air France and KLM customers will gain access to 33 destinations in Northern Europe beyond SAS’s hubs in Copenhagen, Oslo and Stockholm. SAS customers will gain access to 33 destinations in Europe beyond Air France and KLM’s hubs at Paris Charles de Gaulle airport and Amsterdam Schiphol airport.
These agreements also cover reciprocal loyalty program benefits for Flying Blue and EuroBonus, thereby enabling members to earn and spend Miles/Points on flights operated by SAS and the Air France-KLM Group’s airlines.
In addition, on September 1, 2024, SAS will join the SkyTeam alliance, of which Air France and KLM are founding members. From that date, eligible EuroBonus members will be able to enjoy SkyTeam services and benefits, including SkyPriority and lounge access around the world.
Investor Relations
Michiel Klinkers Marouane Mami
michiel.klinkers@airfranceklm.com marouane.mami@airfranceklm.com
Website: www.airfranceklm.com
Attachments
- Press release - Air France-KLM completes acquisition of a non-controlling stake in the share capital of SAS AB
- Press release - Air France-KLM completes acquisition of a non-controlling stake in the share capital of SAS AB
FAQ
What percentage stake did Air France-KLM acquire in SAS AB?
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