SAS Sells Out Of Air Greenland

SAS Scandinavian Airlines has sold its entire shareholding in Air Greenland to the Greenland government.

The DKK277 million (USD$41.3 million) deal ends a shareholding in the Greenland carrier that dates back to 1960. The sale of the 37.5 percent stake was done at “slightly above the book value”, SAS said in a statement.

Prior to the transaction, the Greenland government owned 37.5 percent of the company and the Danish government the remaining 20 percent. At 80 percent, Greenland now controls its national airline.

Air Greenland operates a small fleet of fixed-wing aircraft including an Airbus A330, and several helicopters. It flies to domestic destinations and international routes to Denmark and Iceland.