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SAS Aktiebolag, trading as SAS Group, is a Swedish-based airline holding company headquartered in Solna Municipality, Sweden. It is the owner of the airlines Scandinavian Airlines, SAS Link, and SAS Connect.
As of 2024, SAS Group is owned by a group of shareholders including the American investment fund Castlelake, L.P. (in turn controlled by Brookfield Asset Management
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/a>) with a 32% stake, the Government of Denmark (through the Ministry of Finance) with a 25.8% stake, Air France-KLM with a 19.9% stake and the Danish family office Lind Invest with a 8.6% stake. This ownership structure emerged after the company exited U.S. Chapter 11 bankruptcy in August 2024, a process initiated in July 2022 due to the group's financial difficulties.
SAS was formed as a consortium in 1951, as a merger between the three Scandinavian Aerotransport (ABA - Sweden), Det Danske Luftfartselskab (DDL - Denmark), and Det Norske Luftfartselskap (DNL - Norway), after the three had been cooperating on international routes since 1946.
Until 2001, the three national companies owned a fixed share of the SAS Group, after which the shares of the three companies were merged into SAS Aktiebolag. Norway sold its final 9.88% stake in June 2018, marking the end of its involvement in SAS after being a part-owner since 1946. The Swedish government maintained a 21.8% stake until the 2024 restructuring.
SAS Group previously owned various entities, including Rezidor Hotel Group (owner of the Radisson SAS brand) and Braathens ASA. It also had a minority interest in bmi, airBaltic, Texas Air Corporation, Thai Airways International, and LAN Airlines. SAS also once owned 19.9% of the now defunct Spanish airline Spanair as well as shares in Estonian Air and Skyways Express.
SAS was a founder of the Amadeus CRS and the Star Alliance, which it left on 31 August 2024. SAS runs the frequent flyer program EuroBonus.
In 1946, SAS was formed from Det Danske Luftfartselskab A/S (DDL), Det Norske Luftfartselskap A/S (DNL), and Svensk Interkontinental Lufttrafik AB (SILA). The first intercontinental flight was from Stockholm Arlanda to New York. In 1951, DDL, DNL, and ABA formed the present SAS Consortium.
In 1967, DNL was listed on the Oslo Stock Exchange. In 1971, SAS put its first Boeing 747 jumbo jet into service. In 1977, SAS sold its remaining stakes in Thai Airways. In 1980, SAS opened its first hotel outside of Scandinavia, the SAS Kuwait Hotel. SILA was listed on the Stockholm Stock Exchange. In 1981, SAS EuroClass was introduced on all routes. The following year, SAS was named the most punctual airline in Europe for the first time. In 1984, SAS received the Air Transport World's distinction "Airline of the Year" for 1983.
In 1994, SAS began to refocus on airline operations in the SAS Group, selling a number of subsidiaries along with the franchising of Diners Club Nordic. The company celebrated its 50th anniversary on 1 August 1996, and the SAS parent company changed its name to SAS Danmark A/S, SAS Norge ASA, and SAS Sverige AB.
In 1997, SAS became one of the founding members of Star Alliance. In 1998, Air Botnia (Blue1) became a wholly owned subsidiary of the SAS Group. In 1999, the SAS Group became a majority owner of Widerøe.
In 2004, Scandinavian Airlines Sverige, SAS Braathens, and Scandinavian Airlines Danmark were incorporated. In 2006, SAS sold its remaining shares in the Rezidor Hotel Group chain. In 2007, CEO and President Mats Jansson was inaugurated; SAS sold the SAS Flight Academy.
In 2010, CEO Jansson departed his position and was replaced by John S. Dueholm on an interim basis. Rickard Gustafson became the new permanent CEO in 2011. In January 2012, Spanair collapsed, leading to write-downs of 1.7 billion kronor by SAS. In 2013, SAS sold 80% of the shares in Widerøe.
In 2014, SAS sold the cleaning part of SAS Ground Handling to Sodexo. In 2015, SAS sold SAS Ground Handling in 14 airports in Norway to Widerøe Ground Handling and sold Blue1 to CityJet. In November 2015, Estonian Air collapsed, resulting in SAS losing 2.5% of the shares. In 2016, SAS sold its remaining 20% stake in Widerøe.
Norway's government sold its final 9.88% stake in SAS Group in June 2018.
As part of the restructuring plan, SAS secured new investments and underwent significant ownership changes. US investment firm Castlelake acquired a 32% stake in the reorganised airline, while Air France-KLM obtained around 20%. The Danish state obtained a 26% share, and Danish investor Lind Invest acquired 8.6%. The remaining equity was expected to be distributed among SAS's creditors.
The restructuring also involved delisting SAS from the Nasdaq Stockholm, Copenhagen, and Oslo stock exchanges, resulting in the existing shares' value being reduced to zero. This decision affected over 250,000 shareholders, many of whom were retail investors, and led to a 95% drop in the stock's value.
The restructuring marked the end of Wallenberg family's involvement in SAS. A prominent Swedish business dynasty, the Wallenbergs had had involvement in SAS since 1946, and through their investment company, FAM AB had been a major stakeholder in SAS. Their stake was effectively wiped out during the restructuring process.
Air France-KLM, which became a significant shareholder, indicated plans to integrate SAS flights into its existing network at its hubs in Amsterdam and Paris. This was part of Air France-KLM's broader goal to expand its operations in the Nordic countries. A condition of the deal is that Air France-KLM could also expand its stake in SAS after at least two years to become a controlling shareholder.
On 4 July 2025, Air France-KLM announced its intention to increase its stake in SAS’s share capital from 19.9% to 60.5%, taking over Castlelake and Lind Invest's stakes in the company. Pending approval from competition authorities, Air France-KLM expect SAS to become a subsidiary in Air France-KLM Group, where the Danish Ministry of Finance will retain its minority stake of approximately 26% in the subsidiary. This move was not unexpected as already in 2023, Air France-KLM announced the ambition to become a controlling stakeholder after a minimum of 2 years.
The SAS Group head office was previously located on the grounds of the Stockholm Arlanda Airport (ARN) in Sigtuna Municipality, Sweden." Media Contact SAS Group. Retrieved on 27 January 2012. "Visiting address: Kabinvägen 5, Stockholm-Arlanda, Sweden"
Before spring 2011, it was located in the SAS Frösundavik Office Building." SAS head office in Sweden." Scandinavian Airlines. Retrieved on 8 June 2009." Cykelkarta 2007 ." Solna Municipality. Retrieved on 12 February 2010.
| Castlelake | Investment fund | United States | 32% |
| Ministry of Finance (Denmark) | Government | Denmark | 25.8% |
| Air France–KLM | Airline Group | 19.9% | |
| Lind Invest | Family office | Denmark | 8.6% |
| Others (to be distributed) | |||
| Source: |
| 4 | OY-KBO in retro livery |
| 11 | |
| 25 wet leased to SAS Connect | |
| 3 | |
| 7 | Operated by Nordica |
| 8 | |
| 11 | Operated by CityJet |
| Operated by Nordica | |
| 10 | Operated by SAS Link |
On 4 January 2010, the SAS Group announced the sales of 18 surplus MD-80 series aircraft to Allegiant Air. The aircraft, built from 1985 to 1991, were delivered during the first half of 2010.
On 26 August 2010, the SAS Group announced a 5-year lease agreement of 8 MD-90 series aircraft to an undisclosed US airline. The aircraft will be delivered between Q3-2010 and Q2-2011.
On 10 April 2018, the SAS Group announced a deal with Airbus for 35 new Airbus A320neos with another 15 being leased. These aircraft are meant to replace some of SAS's current A320s, as well as their Bombardier CRJ900s, bringing the total of the type to 80 aircraft.
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