SAS Scandinavian Airlines (SK, Copenhagen Kastrup) has sold 80% of its shares in Widerøe (WF, Bodø) to an investment group consisting of Torghatten, Fjord1 and Nordland Fylkeskommune for SEK2billion (USD314.34million). In its announcement, SAS said the amount includes aircraft related transactions and will reduce its net debt by a corresponding amount. Approximately half of the total transaction proceeds are to go towards strengthening SAS' cash and cash equivalent position, it said. Additionally, the transaction will reduce the previously announced negative effect on SAS' shareholders' equity from amended reporting rules for pensions by approximately SEK1billion. The transaction was expected to have been completed during September 2013. SAS will divest its remaining shares in Widerøe in 2016.