France · Competition
How Air France-KLM proposed to take majority control of SAS
Air France-KLM completed a 19.9% investment in SAS in August 2024. Its July 2025 plan combined that stake with all shares held by Castlelake and Lind Invest, which would take it to 60.5%.
Sources checked
At announcement
Shared scale · 0% to 60.5%
If deal closes
Shared scale · 0% to 60.5%
Use Show measure to switch between the ownership at announcement and the announced proposal.
The initial stake came out of a consortium transaction
Air France-KLM announced the completion of its 19.9% non-controlling investment in August 2024. It said the consortium terms included provisions under which it could increase its stake after a minimum period, subject to conditions including regulatory requirements and financial performance. Source 2
The proposed increase comes from two sellers
Castlelake held 32.0% and Lind Invest 8.6% when Air France-KLM announced its plan in July 2025. Their shares add to 40.6 percentage points. Adding that amount to the existing 19.9% gives the proposed 60.5%, with the Danish state’s 26.4% and other investors’ 13.1% unchanged under the proposal. Source 1
Network cooperation began under the minority holding
The 2024 announcement separated the financial investment from commercial agreements. Air France-KLM and SAS agreed to interline and codeshare arrangements connecting their networks and hubs, with commercial cooperation starting from September 2024. That arrangement could be implemented under the minority ownership structure. Source 2
The proposed majority is a conditional scenario
The July 2025 announcement targeted the second half of 2026 and specified regulatory approvals and other conditions. The table reconstructs the change announced at that point. Reading it as a proposed cap table preserves the distinction between the completed minority purchase and the later control transaction. Source 1 Source 2