Key Points:

  • Apollo Global Management and an undisclosed group are vying for a stake in the beleaguered Scandinavian airline, SAS.

  • SAS sought bankruptcy protection in the U.S. in 2022 due to the pandemic's impact and internal challenges.

  • Any equity fundraising bids for SAS must factor in the Danish government's 22% stake in the airline.

Scandinavia's Largest Airline Faces Investment Bids Amid Bankruptcy Protection


NEW YORK CITY —U.S. equity powerhouse, Apollo Global Management, and an unidentified group of investors are in a heated race to acquire a stake in the Scandinavian airline SAS, as reported by Norwegian daily, Aftenposten. The second group remains undisclosed.

The airline, once a jewel of Scandinavia, sought shelter under bankruptcy protection in the U.S. in 2022. This decision followed years of battling elevated operational costs in tandem with diminishing consumer demand, exacerbated by the global pandemic.

Earlier in May, inside sources confided in Reuters, hinting at Apollo's ambition to secure a dominant position within the Nordic airline. This suggests the private equity giant is looking for more than just a passive stake.

However, there's a twist in the tale. SAS had previously indicated that any prospective investment offers must account for the Danish government's 22% share in the airline. Given the sizable chunk, any negotiations or deals would need to respect the interests and position of the Danish state in this equation.