Business Services Industry
SAS Group completes sale of 67% stake in SAS Component
Nordic Business Report, March 16, 2006
NORDIC BUSINESS REPORT-16 March 2006-SAS Group completes sale of 67% stake in SAS Component(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Scandinavian airline SAS Group said on Wednesday (15 March) that it had completed the previous agreement regarding the sale of 67% of its subsidiary SAS Component.
The closing follows the receipt of regulatory approvals and fulfilment of other closing conditions, the company said.
The SAS Group will release capital from its component inventories so that the total value of the transaction is SEK2,500m. The positive effect on cash and net debt is some SEK2,000m.
SAS also said that it had signed a multi-year material supply agreement with SAS Component to provide material support, component repair and overhaul and logistics support for the SAS Group fleet of aircraft.
One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP).
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