SAS is completing the acquisition of Cimber after meeting all of the terms of the transaction, including approval from the Danish Competition and Consumer Authority. SAS has appointed Kent Hansen as the new president of the airline. He will succeed the current president on March 1st, 2015. SAS has also appointed Kjetil Grønevik as Finance Director. On December 8th, 2014, SAS announced that it had agreed to acquire 100% of the shares in Cimber, that the value of the transaction was MDKK 20 and that the transaction was subject to customary terms including receiving approval from the Danish competition authority. As previously announced, the acquisition means an opportunity for SAS to transfer production by its 12 CRJ900s to Cimber, thereby, allowing more focused and flexible production to be achieved. The transfer is planned to be completed on March 1st, 2015.