SAS: Sale of Spanair completed
On January 30, the SAS Group (“SAS”) (STO:SAS)(OSE:SASNOK) reached an agreement with Initiatives Empresarials Aeronàutiques, S.A. (“IEASA”), a company comprising , Consorci de Turisme de Barcelona, Catalana d’Inciatives, Volcat 2009 and Fira de Barcelona, whereby IEASA would acquire a majority stake of 80.1% in SAS’ subsidiary Spanair S.A. (“Spanair”) for a cash consideration of 1 EUR.
Following the transaction, SAS remains a 19.9% minority shareholder in Spanair and acts as its industrial partner to assist in the implementation of its strategic plan, which aims at further strengthening Spanair’s position in Spain and as the leading carrier in Barcelona.
The transaction was completed today, following receipt of all necessary regulatory clearances by SAS and Spanair, including approval from Spain’s competition commission (CNC).
