Global law firm White & Case LLP has provided legal counsel to Air France-KLM on its acquisition of a 19.9% non-controlling stake in Scandinavian Airlines (SAS AB). This transaction was facilitated by Air France-KLM in collaboration with a consortium of investors, including Castlelake L.P., Lind Invest ApS, and the Danish State, who collectively now own 86.4% of SAS AB’s share capital. Overall, the consortium invested a total of US$1.2 billion into SAS AB, comprising US$475 million in common shares and US$725 million in senior secured convertible notes. Air France-KLM’s specific investment amounted to US$144.5 million. The agreement allows Air France-KLM the potential to become the controlling shareholder after a minimum of two years, pending regulatory approval and company performance. This marks a pivotal move for SAS AB, enabling it to exit its Chapter 11 reorganization and Swedish restructuring proceedings. The legal advisory team from White & Case spanned multiple locations including New York, Miami, Chicago, Stockholm, Dusseldorf, Brussels, and Paris.
Airline, Legal Services, Private Equity & Investment,Sweden, France, United States, Denmark
https://www.whitecase.com/news/press-release/white-case-advises-air-france-klm-acquisition-non-controlling-stake-scandinavian