SAS completes divestment of Wideroe stake

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

SAS Group has completed the transfer of an 80% shareholding in Norwegian carrier Wideroe to an investment consortium.

It follows an agreement in May to divest the regional operator as part of SAS Group's restructuring.

SAS has confirmed the transaction, worth SKr2 billion ($300 million). It says about half the proceeds will be used to strengthen its cash position.

It says it has held a negative reserve of SKr300 million in its accounts resulting from the sale of Wideroe, and will report the final capital result in its fourth-quarter report for 2012-13.

SAS Group will also divest the remaining shares in the company in 2016.