SAS Group sells SAS Flight Academy Holding AB

Nordic Business Report, Feb 12, 2007

NORDIC BUSINESS REPORT-12 February 2007-SAS Group sells SAS Flight Academy Holding AB(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com

Scandinavian airline SAS Group said on Monday (12 February) that it 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 amounts to SEK750m. The capital gain amounts to approximately SEK380m.

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 (GECAT).

STAR Capital Partners is a European specialist investment fund with over EUR1.0bn of equity under management. STAR Capital Partners' core sectors include transportation, energy, oil and gas, utilities, industrial installations, telecommunications and healthcare.

SAS AB, headquartered in Stockholm, Sweden, is the Nordic region's largest listed airline and travel group. The SAS Group offers air transport and related services from its base in Northern Europe. The company is listed on the Nordic Exchange in Stockholm.

One British pound (GBP) is worth approximately 1.49 euros (EUR). One British pound (GBP) is worth approximately 13.38 Swedish kronor (SEK).

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