Air France‑KLM has initiated the process to boost its stake in Scandinavian carrier SAS from 19.9% to 60.5%, acquiring shares from Castlelake and Lind Invest. The move, expected to close in the second half of 2026 pending regulatory approval, aims to deepen integration across loyalty, governance, and network operations. SAS—which operates 138 aircraft and serves over 25 million passengers annually—will become a subsidiary while the Danish government retains a minority stake.