SAS Group sells Jetpak Group to Polaris Private Equity

The SAS Group has agreed to sell its holding in the Jetpak Group to Denmark-based Polaris Private Equity. The sales price amounts to approximately MSEK 490 and the positive effect on cash flow and net debt is on a corresponding level. The capital gain for the SAS Group totals approximately MSEK 410. The transaction is expected to close before the end of the year and is conditional upon the approval of the appropriate authorities.

The Jetpak Group is a company that offers express deliveries in the 0-12-hour time span, door-to-door, with a focus on transports within and to/from the Nordic region. The services comprise local deliveries as well as integrated air express services. Jetpak operates in more than 150 locations in the Nordic region and has approximately 700 courier vehicles. In 2004, Jetpak's sales amounted to MSEK 459 and income after financial items was MSEK 18. Prior to the end of September 2005, income after net financial items had improved by slightly more than 40%. The number of employees totaled 162 during the first six months of 2005.

"There has been extensive market interest in Jetpak. We have created a strong platform for Jetpak and Polaris foresees favorable opportunities for the further development of the company," says Jørgen Lindegaard, CEO and President of the SAS Group. "This sale is a further step in our strategy to focus on core operations."  

The divestment of the Jetpak Group is also part of the SAS Group's program to free up capital.

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