Photo: Baltictravelnews.com
Source: Estonian Air
The SAS Group has reached an agreement with the Estonian Government that will result in SAS divesting its 49% stake. The Estonian Government will provide approximately MSEK 200 in a new rights issue and SAS will convert approximately MSEK 20 in loans into equity. After the rights issue the Estonian State will hold 90% and SAS 10% of Estonian Air. SAS will remain lender of approximately 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. The transaction is conditional upon parliamentary approval in Estonia. The transaction is neutral to profit and liquidity of the SAS Group.
SAS will continue its commercial cooperation with Estonian Air.
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