Two Investor Groups, Including Apollo Global Management, Bid for SAS

Two investor groups, including U.S. private equity firm Apollo Global Management, have submitted bids for Scandinavian airline SAS, according to Norwegian daily Aftenposten. The report, citing unnamed sources, stated that it is unclear who is leading the second group of investors.

SAS, Scandinavia’s largest carrier, filed for bankruptcy protection in the United States earlier this year due to financial difficulties exacerbated by the COVID-19 pandemic. The airline has struggled with high costs and reduced customer demand.

In May, Reuters reported that Apollo Global Management aimed to acquire a majority stake in SAS. However, SAS had previously stated that any equity fundraising bids would need to include the Danish state, which currently holds a 22% stake in the airline.

The bidding process represents a potential opportunity for SAS to secure the necessary funding and support to navigate its financial challenges. As the airline industry gradually recovers from the impact of the pandemic, the involvement of investor groups like Apollo Global Management highlights the confidence in SAS’s long-term prospects.

The outcome of the bidding process will determine the future ownership structure of SAS and could pave the way for the airline’s recovery and growth.