White & Case Advises Air France-KLM on Strategic Stake Acquisition in Scandinavian Airlines

Global law firm White & Case LLP has advised Air France-KLM on acquiring a 19.9% non-controlling stake in Scandinavian Airlines (SAS AB), Scandinavia’s leading airline. The transaction, which follows regulatory approvals in Europe and the US, enables SAS AB to exit its Chapter 11 reorganization and Swedish restructuring proceedings.

Air France-KLM’s investment was part of a broader consortium, including Castlelake L.P., Lind Invest ApS, and the Danish State, which now collectively holds an 86.4% stake in the reorganized airline. The consortium invested $1.2 billion in total, subscribing to $475 million of common shares and purchasing $725 million of senior secured convertible notes.

Air France-KLM’s contribution amounted to $144.5 million, consisting of $109.5 million in common shares and $35 million in senior secured convertible notes. Agreements within the consortium allow Air France-KLM to potentially increase its stake to a controlling position after a minimum of two years, subject to regulatory approvals and the airline’s financial performance.

The White & Case team advising on this transaction included partners from Miami, New York, Chicago, Stockholm, Düsseldorf, Brussels, and Paris, along with counsel and associates providing cross-jurisdictional expertise to facilitate the deal.

Source: White case