SAS Group Sells SAS Flight Academy to STAR Capital Partners

SAS Group has agreed to sell its holding in SAS Flight Academy Holding AB to STAR Capital Partners. The transaction value and positive effect on net debt for the SAS Group amount to MSEK 750. The capital gain amounts to approximately MSEK 380.

In conjunction with the transaction, SAS has entered into a service agreement with Flight Academy regarding aviation training. The transaction is expected to close in February 2007. In addition to Flight Academy, STAR Capital Partners has reached an agreement to acquire a majority stake in General Electric Commercial Aviation Training.

"During SAS Group's ownership, Flight Academy has established a strong platform in its home markets. The divestment of Flight Academy is a further step in our strategy to focus on core business and also part of the SAS Group's program to free up capital", said Mats Jansson, SAS Group President & CEO.

"SAS Group has been an excellent owner of Flight Academy and enabled us to achieve a leading position in Northern Europe," commented Olof Bärve, CEO of Flight Academy. "Our new owner can ensure that we continue to grow in Northern Europe and in adjacent markets as an independent provider of aviation training services."

See other recent news regarding: Airlines, SAS