Air France-KLM has announced that it will initiate the process to acquire a majority stake in Scandinavian Airlines.
By acquiring shares held by Castlelake and Lind Invest, Air France-KLM will increase its shareholding ratio from the current 19.9% to 60.5%. The acquisition amount is yet to be determined. The transaction is expected to be completed by the latter half of 2026, pending regulatory approval. The Danish government will maintain its 26.4% shareholding.
This acquisition will allow Air France-KLM to make Scandinavian Airlines a subsidiary and comprehensively integrate all businesses, including loyalty programs.
Anko van der Werff, President and CEO of Scandinavian Airlines, commented, “Air France-KLM becoming the majority shareholder is a decisive moment for Scandinavian Airlines, demonstrating strong confidence in the direction we are heading. This not only brings stability but also allows for deeper industrial integration and, subject to regulatory approvals, full support from one of the world’s leading airline groups. Cooperation between both companies will strengthen the framework to provide greater value to customers, employees, and the broader region.”
In October 2023, Scandinavian Airlines selected a consortium consisting of Air France-KLM, Castlelake, Lind Invest, and the Danish government as restructuring sponsors. Currently, the largest shareholder is Castlelake (32%), followed by the Danish government, Air France-KLM, and Lind Invest (8.6%). The airline has exited the Star Alliance and joined SkyTeam, which Air France-KLM is also a part of, in September 2024. Additionally, it has established code-sharing and interlining cooperation.
As of June, Scandinavian Airlines owns 138 aircraft and employs approximately 10,500 people. Its EuroBonus loyalty program has over 8 million members.
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