Air France-KLM Group has launched the process to acquire a majority stake in Scandinavian airline SAS, with the goal of finalizing the takeover in the second half of next year.

This development follows Air France-KLM’s entry into a consortium that invested in SAS nearly two years ago, during the carrier’s restructuring under US Chapter 11 bankruptcy protection.

While the group currently owns 19.9% of SAS, the original investment agreement included mechanisms that could allow Air France-KLM to increase its stake and assume control of the airline.

SAS has already become a member of the SkyTeam alliance and established several cooperation agreements with Air France-KLM.

According to Air France-KLM, its decision to pursue a takeover is motivated by the strong results of this partnership, the notable improvement in SAS’s financial and operational performance, and the group’s confidence in the airline’s long-term prospects.

Air France-KLM states that its “ambition” is to complete the transaction in the second half of 2026, pending regulatory approvals and fulfillment of certain conditions.

“This new step would allow Air France-KLM and SAS to fully unlock their synergy potential via a comprehensive integration in all areas of business, including loyalty, and would extend beyond commercial activities,” it added.

SAS CEO Anko van der Werff describes the planned acquisition as a “defining moment” for the airline, calling it a “strong signal of confidence in the direction we’re heading.”

“It brings not just stability but will also allow for deeper industrial integration and the full backing of one of the world’s leading airline groups,” he added.

SAS affirms that SAS will “stay true” to its identity and heritage, while noting that “We will be better-positioned to deliver greater value to our customers, our colleagues, and the wider region.”