SAS Group sells East European segment of its Euroshop travel retail business

SAS Trading, which is a wholly owned subsidiary of the SAS Group and operates the travel retail chain Euroshop, has signed an agreement for the sale of its East European subsidiaries in Poland, Latvia and Estonia to Swedish-based Inflight Service Europe. 

The East European activities comprise SAS Trading Polska, SAS Trading Latvia and Scandinavian Travel Retail Eesti, which had combined total sales of SEK 176 M and approximately 100 employees in 2004. 

The East European travel retail business is a growing and profitable market and the continued positive development of SAS Trading's East European travel retail shops should be further strengthened by an owner that has travel retail as its core business. 

Inflight Service Europe is a Sweden-based company that provides customers and travelers products, services and business solutions in the Nordic travel retail market. The company holds a leading position in the Nordic market, with retail customers at airports, on charter airlines and on ferries. Inflight Service Europe's sales amounted to SEK 1.3 billion in 2004.

The agreement between the SAS Group and Inflight Service Europe is being reviewed by the relevant competition authorities. Providing approval is granted, the transaction will be concluded in spring 2005 with an accounting effect from January 1, 2005.

Subject to the completion of the transaction, the remaining Scandinavian Euroshop activities will be organized under the subsidiary SAS Business Opportunities.

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