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SAS AB Sells 80% Shares in Wideroe's Flyveselskap AS to Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune

Friday, 3 May 2013 10:10am EDT 

SAS AB announced that it signed on May 3, 2013 an agreement to sell 80% of its shares in Wideroe's Flyveselskap AS (Wideroe) to a group of investors consisting of Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune (together referred to as the Investor Group). SAS will retain a 20% share in Wideroe but will have the intention to transfer full ownership of Wideroe in 2016. SAS and Wideroe will have a continued close commercial cooperation after the transaction, with Wideroe remaining a regional partner to SAS. As part of the transaction, SAS will sell seven Dash Q400 aircraft to Wideroe which are currently leased by Wideroe from SAS. The loans related to these aircraft will be transferred to Wideroe. Additionally, three aircraft, currently not in use, has been sold from SAS to a lessor and subsequently leased by Wideroe. SAS will receive approximately SEK 2.0 billion in conjunction with the divestment of Wideroe, including the aircraft-related transactions, and up to SEK 2.3 billion in total proceeds in the case of a full divestment in 2016. The total proceeds will reduce net debt by the same amount. Additionally, the transaction will reduce the previously announced negative impact on equity of amended reporting rules for pensions by approximately SEK 1.0 billion from SEK 7.9 to SEK 6.9 billion. The sale of Wideroe is expected to result in a limited capital loss for SAS of approximately SEK 300 million in case of a full divestment in 2016. 

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