SAS reaches initial agreement for sale of Spanair shares

The SAS Group has reached an initial agreement with a group of investors from Catalonia, lead by the Consorci de Turisme de Barcelona and Catalana d'Iniciatives, for their incorporation as new majority shareholders into SAS' subsidiary, Spanair S.A.

In the proposed transaction structure, SAS will remain as a core shareholder in Spanair, and act as its industrial partner to assist in the implementation of the Strategic Plan and further strengthen Spanair's position in Spain and its position as leading carrier in Barcelona.

The agreement is conditioned to the completion of the ongoing final negotiations, and SAS the Consorci and Iniciatives have the target to sign a definitive agreement before January 31, 2009.

The parties have agreed not to comment on the possible terms and conditions of such a transaction until an agreement has been finalized.