Air Transport World

SAS Group.(EUROPE Report)(Brief article)

SAS Group announced it reached a final agreement to divest most of its 49% stake in Tallinn-based Estonian Air to the Estonian government subject to Estonian parliamentary approval. Under terms of the deal, the government will provide approximately SEK200 million ($28.3 million) in a new rights issue and SAS will convert some SEK20 million in loans into equity.

After the rights issue, the Estonian state will hold 90% and SAS 10%. Estonian Air will have an option to buy SAS's remaining stake and SAS has the option to sell its stake at fair market value after four years. …

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