After investing in the airline for the first time last year, France-klm Air has the option to control SAS Scandinavian Airlines.
Paris-based Aviation Group will increase its ownership of SAS to 60.5% by the end of 2026, up from 19.9% today, according to a deal announced Friday. This will give France-KLM Air a majority control over Scandinavian Airlines and dominance in the Nordic region of Europe.
“We are excited that SAS is fully welcomed into the France-KLM family,” said in a statement. “This action will benefit our customers and all Scandinavians who enjoy enhanced connectivity, as well as the SAS team, whose dedication is key to returning the airline to a legal location.”
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SAS is one of several operators at the latest merger frenzy center for European airlines. In France-KLM’s initial investment in 2024, Scandinavian Airlines transformed allegiance to the antenna alliance with Star Alliance and established new partnerships with companies such as Delta Air Lines. Italy’s ITA Airways, Portugal’s Tap Air Portugal and Spain’s Air Europa are also targets for Lufthansa’s acquisition of ITA earlier this year, while Tap and Tap and Air Europa are still in talks with suitors.
The end result is a changing map of airline partnerships, including the transfer of SAS to Skyteam and the pending transfer of ITA to Star. British Airways and Iberia’s parent company International Airlines Group (IAG) are reportedly negotiating TAP carefully, which will be the harvest of OneWorld Alliance at the expense of Star.
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Since moving to France-KLM’s orbit in 2024, SAS has expanded its ties to the group and other members of the Gods. The airline has added New York’s John F. Kennedy International Airport (JFK) and Seattle-Tacoma International Airport (SEA) hubs from its main hubs at Copenhagen Airport (CPH) and the Korean Air Seoul Air Indeon Airport (ICN) HUB, Aviation Analytics Firm Cirium timeline data shows.
France-KLM Air Emperors said SAS will eventually join the organization’s transatlantic Ocean to join Venture along with Delta and Virgin Atlantic Airways.
SAS investment also adds to Copenhagen, a third major European hub – in the French-KLM network. Its main hub, Amsterdam Shiphall Airport (AMS), KLM for Air France and Paris Charles de Gaulle Airport (CDG) face various growth restrictions. The Dutch government is actively restricting Squitto’s flight, while industrial operations and other restrictions challenge Charles de Gaulle’s actions. According to airport authorities, Copenhagen has room to grow.
SAS also has large bases at Oslo Airport (OSL) and Stockholm Arlanda Airport (ARN).
France-KLM Air will increase its stake in SAS by buying investors Castlelake and Lind Invest. The agreement is expected to be terminated in the second half of 2026 pending approval.
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