Apollo looks to acquire majority stake in troubled SAS

It is understood that US asset manager Apollo Global Management Inc. (Apollo) is looking to apply for approval from both Danish and Swedish regulators to acquire a majority stake in stricken carrier SAS AB (SAS) as part of its Chapter 11 bankruptcy plan.

In July 2022 the Scandinavian carrier filed for Chapter 11 bankruptcy protection and since then has lost approximately 60% of its value after wage discussions with pilots collapsed. Apollo has also invested in Mexican and US carriers, but acquiring a majority stake in a European carrier will contravene European Union rules which forbid more than a 50% stake in any of its carriers being held by a non-EU member country. However, as a substantial percentage of Apollo