SAS sells 49 percent stake in Estonian Air
Published: 4 Jun 10 17:10 CET | Print version
Online: http://www.thelocal.se/27048/20100604/
SAS has reached an agreement with the Estonian government to sell its 49 percent stake in Estonian Air.
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The agreement with the Estonian government involves SAS divesting its stake. The Estonian government will provide about 205 million kronor ($25.89 million) of new capital in a new rights issue. In return, SAS will convert about 20 million kronor it currently holds in loans into equity.
After the rights issue, the Estonian government will hold 90 percent of Estonian Air, with SAS holding the balance. SAS will also remain the lender of about 70 million kronor in loans with a maturity in 2014.
The transaction is neutral to the profit and liquidity of the SAS Group. Estonian Air has an option to buy out SAS' remaining stake and SAS has the option to sell its stake at fair market value in four years.
SAS will continue its commercial cooperation with Estonian Air, Estonia's national carrier. The airline was founded in 1991 and is also partially owned by investment bank Cresco.
What do you think? Leave your comment below.
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As is often the case, Texans display their amazing ignorance of the world wrapped in arrogance.
There are three classes of service over the Atlantic Ocean with the following seat pitch:
- business: 79"
- economy extra: 38"
- economy: 32
SAS does not offer first class. Business class gets you a much better meal and unlimited alcohol (within reason).
For domestic (European) service, Texan almost has a point. There is no difference in seat pitch, but since the front of the plane is rarely sold-out, one can often stretch one's legs at an angle.
I think SAS is one of the better European airlines.