Scandinavian Airlines-SAS (Stockholm) today announced it has completed the sale of subsidiary Wideroe (Widerøe’s Flyveselskap AS) (Oslo).

The airline issued this statement:

On May 3, 2013, SAS announced that an agreement had been signed to sell 80% of the shares in Wideroe’s Flyveselskap AS (Wideroe) to an investment group consisting of Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune. The transaction was expected to be completed during September 2013.

SAS has today (September 30) transferred 80% of the shares in Wideroe to the investment group. The total transaction proceeds amount to approximately SEK 2 billion, including aircraft related transactions, which will reduce SAS’ net debt by a
corresponding amount. Approximately half of the total transaction proceeds are strengthening SAS’ cash and cash equivalent position. In addition, the transaction will reduce the previously announced negative effect on SAS’ shareholders’ equity from amended reporting rules for pensions by approximately SEK 1 billion.

SAS has reserved MSEK -300 in the second interim report 2012/2013 resulting from the sale of Wideroe. The final capital result will be reported in the fourth interim report 2012/2013.

SAS will divest the remaining shares in Widerře during 2016.

Copyright Photo: Ton Jochems/AirlinersGallery.com. Wideroe’s (Widerøe’s Flyveselskap AS) Bombardier DHC-8-402 (Q400) LN-WDF (msn 4244) is portrayed at a stop at Torp (Sandefjord).

Wideroe: