Air France-KLM intends to become a majority stakeholder in Scandinavian Airlines System (SAS), a move that will more closely align SAS with Air France-KLM and may spell the end of the SAS EuroBonus program.

Air France-KLM Moves To Majority Stake in SAS, Closer Integration With French-Dutch Group

If all goes according to plan, Air France-KLM will soon take majority control of Scandinavian Airlines (SAS), expanding its stake from 19.9% to 60.5%. The group is acquiring shares currently held by Castlelake and Lind Invest, while the Danish government will retain a 26.4% stake and continue to hold a seat on the SAS board.

The transaction, which is still subject to regulatory approval, is expected to close in the second half of 2026. Air France-KLM frames the deal as a major milestone that deepens its reach into Northern Europe and strengthens its competitive position against IAG and Lufthansa Group.

What the Deal Means

• Majority ownership: Air France-KLM will control 60.5% of SAS following the closing of the deal.
• Private equity exits: The move involves buying out Castlelake and Lind Invest, who played key roles in SAS’s restructuring process last year.
• State remains: The Danish government holds onto its stake and maintains board representation.

A New Era for SAS

Once the deal is finalized, SAS will be more tightly integrated into the Air France-KLM network. This includes deeper cooperation across loyalty programs, schedules, hubs, and joint ventures. SAS already moved from Star Alliance to SkyTeam last autumn and will re-align its fare classes to match those of Air France and KLM.

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

AF-KLM CEO Ben Smith called the acquisition a “win-win” and praised SAS’s “successful” restructuring efforts, adding, “SAS has delivered impressive performance.” SAS CEO Anko van der Werff called the move “historic,” adding that the airline industry continues to consolidate across Europe and SAS is now in a stronger position for long-term stability and growth.

Regulatory Hurdles + Market Impact

The deal still requires approval from the European Commission, though Air France-KLM argues that low-cost competitors like Norwegian ensure continued market competition in Scandinavia. If approved, the deal will give the group broader access to Northern Europe and bolster its long-haul ambitions.

RIP EuroBonus?

One key synergy would be the integration of SAS into Flying Blue, which has some advantages, but some distinct disadvantages as well.

I’ll do a separate post on this, but I’ve come to quite like EuroBonus. When you fly SAS, prices are good, availability decent, fees low, and I love that EuroBonus Gold members can bring their entire family into the lounge. Furthermore, child mileage tickets are half price. It would not be the end of the world to have two million Flying Blue miles, but I quite like EuroBonus in its present form.

CONCLUSION

Air France-KLM’s move to become the majority owner of SAS signals another round of consolidation in Europe’s airline industry. While national control remains a factor, this acquisition will give Air France-KLM greater network reach and solidify SkyTeam’s growing presence in Scandinavia. SAS, which just emerged from restructuring, now enters a new chapter under the wing of one of Europe’s most powerful airline groups.