SAS Group (Scandinavian Airlines-SAS) (Stockholm) has today signed an agreement to sell 80% of its shares inย Widerรธe Flyveselskap AS (Bodo and Oslo) to a group of investors consisting ofย Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune (together referred to asย the “Investor Group”). SAS will retain a 20% share in Widerรธe but will have anย option to transfer full ownership of Widerรธe in 2016.
The sale of Widerรธe represents an important step in the improvement of SAS’ย financial position with a significant reduction of SAS’ financial leverage. SASย and Widerรธe will have a continued close commercial cooperation after theย transaction, with Widerรธe remaining an important regional partner to SAS.
As part of the transaction, SAS will sell seven Bombardier DHC-8-402 (Q400) aircraft to Widerรธeย which are currently leased by Widerรธe from SAS. The loans related to theseย aircraft will be transferred to Widerรธe. Additionally, three aircraft, currentlyย not in use, has been sold from SAS to a lessor and subsequently leased byย Widerรธe.
SAS will receive approximately SEK 2.0 billion in conjunction with theย divestment of Widerรธe, including the aircraft-related transactions, and up toย SEK 2.3 billion in total proceeds in the case of a full divestment in 2016. Theย total proceeds will reduce net debt by the same amount.[1]ย Additionally, the transaction will reduce the previously announced negativeย impact on equity of amended reporting rules for pensions by approximately SEKย 1.0 billion from SEK 7.9 to SEK 6.9 billion.
The sale of Widerรธe is expected to result in a limited capital loss for SAS ofย approximately SEK 230 million in case of a full divestment in 2016.
“This divestment is in line with the 4Excellence Next Generation strategy toย build a long-term financially strong SAS. We are pleased to have developedย Widerรธe into a successful airline under SAS’ ownership and we look forward toย continue strengthening Widerรธe’s position as the leading regional airlineย in Norway together with the new owners”, says Rickard Gustafsson, SAS Group
President and CEO.
The transaction is subject to customary closing conditions, including clearanceย from Norwegian competition authorities, and is expected to close in Septemberย 2013.
Copyright Photo: Ton Jochems. Bombardier DHC-8-402 (Q400) LN-WDC (msn 4071) is seen on the ramp at Trondheim above the Arctic Circle.
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