SAS Signs Agreement to Divest in Estonian Air

The SAS Group has reached an agreement, in principle, with the Estonian Government that will result in SAS divesting its 49% stake in Estonian Air. SAS has had 49% ownership in the Estonian based Estonian Air since 2003.

 The Estonian Government will provide approx MSEK 205 of new capital in a new rights issue and SAS will convert approx MSEK 20 in loans into equity.

After the rights issue the Estonian Government will hold 90% and SAS 10% of Estonian Air. SAS will remain lender of approx MSEK 70 in loans with a maturity in 2014.

Estonian Air has an option to buy SAS remaining stake and SAS has the option to sell its stake at fair market value after 4 years.

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