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Air France-KLM to take control of SAS Scandinavian Airlines

Edward Russell
Edward Russell
Contributor
Edward Russell is a contributor for TPG. An AvGeek at heart, he covered the airline business at FlightGlobal for eight years and previously covered finance in New York and Hong Kong.
July 04, 2025
•
3 min read
SAS Airbus A321LR Washington Dulles IAD Airport
Air France-KLM to take control of SAS Scandinavian Airlines
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Air France-KLM is making good on its option to take control of SAS Scandinavian Airlines after first investing in the carrier last year.

Under a deal unveiled Friday, the Paris-based airline group will increase its ownership stake in SAS to 60.5% by the end of 2026, up from 19.9% today. That would give Air France-KLM majority control of the Scandinavian airline and a dominant position in the Europe's Nordic region.

"We are excited by the prospect of fully welcoming SAS into the Air France-KLM family," said Ben Smith, CEO of Air France-KLM, in a statement. "This operation would benefit our customers and all Scandinavians who would enjoy enhanced connectivity, as well as the SAS teams whose dedication has been key to restore their airline to its rightful place."

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SAS is one of several carriers at the center of European airlines' latest consolidation spree. Air France-KLM's initial investment in 2024 saw the Scandinavian airline shift allegiance to the SkyTeam Alliance from Star Alliance, and forge new partnerships with the likes of Delta Air Lines. Italy's ITA Airways, Portugal's TAP Air Portugal and Spain's Air Europa are also among takeover targets with the Lufthansa Group acquiring ITA earlier this year, and TAP and Air Europa still in negotiations with suitors.

The net result is a shifting map of airline partnerships, including SAS's shift to SkyTeam and ITA's pending move to Star. International Airlines Group (IAG), parent company of British Airways and Iberia, is reportedly in close talks to acquire TAP, which would be a gain for the Oneworld alliance at the expense of Star.

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Since shifting into Air France-KLM's orbit in 2024, SAS has expanded its connections with the group and other SkyTeam members. The airline has added nonstops from its main hub at Copenhagen Airport (CPH) to Delta's New York's John F. Kennedy International Airport (JFK) and Seattle-Tacoma International Airport (SEA) hubs, and Korean Air's Seoul Incheon Airport (ICN) hub, schedule data from aviation analytics firm Cirium shows.

Air France-KLM executives have said that SAS will eventually join the group's transatlantic join venture with Delta and Virgin Atlantic Airways.

The investment is SAS also adds a third major European hub — Copenhagen — to Air France-KLM's network. Its main hubs, Amsterdam Schiphol Airport (AMS) for KLM and Paris Charles de Gaulle Airport (CDG) for Air France, face various growth constraints. The Dutch government is actively working to restrict flights at Schiphol, while industrial actions and other limits challenge operations Charles de Gaulle. Copenhagen, according to airport authorities, has room to grow.

SAS also has large bases at the Oslo Airport (OSL) and Stockholm's Arlanda Airport (ARN).

Air France-KLM will increase its stake in SAS by buying out fellow investors Castlelake and Lind Invest. The deal is expected to close in the second half of 2026 pending regulatory approval.

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  • Some may have trouble using Uber and other dining credits
  • You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
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  • Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
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  • Annual Fee is $325.
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