Norwegian to amass Nordic Leisure Travel Group

Norwegian has entered into an settlement to amass Nordic Leisure Travel Group (NLTG), the main lodge and leisure journey experiences firm within the Nordics. The transaction brings collectively family names and award-winning manufacturers corresponding to Ving, Spies, Tjäreborg, Globetrotter, and Sunclass Airlines with Norwegian and Widerøe, making a stronger and distinctive end-to-end Nordic journey participant. The acquisition combines NLTG’s experience in packaged journey and inns with Norwegian and Widerøe’s current community with 27 million passengers. Together, the mixed firm will create a number one Nordic supplier of leisure and enterprise journey. For travellers, this implies a wider number of locations, easier bookings, and seamless journey.

The settlement will unite Norwegian, Widerøe, and NLTG below a single possession construction, making a vertically built-in journey group within the leisure and enterprise segments. The addition of a brand new lodge and leisure expertise enterprise with its personal manufacturers will allow Norwegian, Widerøe and NLTG to develop distinct worth drivers, whereas benefiting from sturdy group coordination to unlock synergies, optimise efficiency and ship enhanced buyer worth. The group will be capable to provide every little thing from particular person flights throughout Norwegian’s and Widerøe’s intensive route networks to finish vacation packages with Ving from Norway and Sweden, Spies from Denmark, Tjäreborg from Finland in addition to Globetrotter. This main, built-in Nordic journey group will embody near 160 plane, intensive tour and lodge operations, serving a complete of roughly 30 million prospects yearly. Included within the acquisition are NLTG’s worthwhile personal idea inns in Spain, Greece, Cyprus, Thailand and Türkiye, which now will profit from a gentle stream of consumers from an expanded group community. The transaction is anticipated to extend annual group working income by near 50 p.c.

“This is a milestone in Nordic travel history. Norwegian and Widerøe will still be dedicated to offering competitive air travel for our customers. By adding NLTG’s leading position in leisure travel to the Norwegian Group’s comprehensive route network, we are building a better and more flexible customer offering. We see a significant opportunity to grow hotel and holiday sales across our existing customer base, turning every flight into a potential gateway to a full holiday experience and unlocking meaningful additional revenue per passenger. In addition, we create a stronger platform for growth across the Nordics, in particular in Sweden and Denmark and through multiple travel concepts we can drive load and booking visibility earlier in the booking windows. This transaction will secure Nordic ownership of NLTG and deliver a more comprehensive product for all current and new customers of Norwegian, Widerøe and NLTG,” mentioned Geir Karlsen, CEO of Norwegian.

Sunclass Airlines, NLTG’s subsidiary airline, operates a fleet of 12 medium- and long-haul Airbus plane. The Sunclass, Norwegian and Widerøe networks have restricted overlap. Norwegian’s near 390 routes are focused on scheduled visitors to key locations within the Nordics, Europe and carefully adjoining nations, whereas Sunclass operates to roughly 25 locations targeted on leisure constitution, enabling improved utilisation and elevated protection when routes are coordinated inside the mixed group. NLTG additionally operates its personal journey retail platform, Airshoppen, whose technique for additional development and growth will probably be strengthened within the enlarged group.

Joint development and synergies

Norwegian sees a transparent path to develop NLTG’s income and profitability over the approaching years. NLTG plans to attain this by optimising flight packages, doubtlessly doubling the variety of profitable personal idea inns, enhancing quantity on the current lodge portfolio, current and future deliveries of latest and fuel-efficient Airbus A321neo and A330neo plane, and implementing a spread of revenue enhancing measures with results already from 2027. Beyond this, Norwegian additionally expects to create vital worth by leveraging its broader community to succeed in new leisure locations, corresponding to mainland Spain, and by connecting its flights with Widerøe’s to supply a seamless journey expertise for vacation friends. Further worth will probably be created by providing package deal holidays to Norwegian’s intensive buyer base. The shared loyalty factors, Spenn, already utilized by Norwegian and Strawberry, are deliberate to be prolonged to NLTG’s manufacturers and idea inns. The acquisition is anticipated to unlock substantial synergies and to be earnings accretive for Norwegian shareholders already in 2027, enhancing farther from 2028. On high of continued development and synergies, the revenue enhancing initiatives are anticipated to extend the underlying working margin by roughly 2 p.c in 2027 relative to the final twelve months to March 2026, with additional enchancment from 2028 and past. 

“We are confident that this transaction will create substantial, long-term value. The acquisition is a strategic step that prepares our business for the future. The transaction is backed by a unanimous board, reflecting our clear ambition to build the leading integrated travel group in the Nordics, being the best choice for both business and leisure travellers,” mentioned Dag Mejdell, Chair of the Board of Directors at Norwegian.

An easier and higher buyer providing

The new group brings collectively flight and vacation package deal choices in a single firm. Travellers will profit from a wider number of locations and inns, and a extra seamless journey expertise from reserving to arrival.

“I have a great passion for hotels and hotel experiences, and our ambition at NLTG has always been to create unique hotel concepts tailored for Nordic guests. NLTG already has an ambitious pipeline of new concept hotels planned for the coming years, but through this partnership with Norwegian, we are unlocking a unique opportunity to further accelerate that growth by bringing our great concept hotels to many new destinations across Norwegian’s extensive route network. The new Norwegian Group will become one of Strawberry’s largest strategic investments, and we are committed to being a long-term owner and active partner in its continued development and growth,” mentioned Petter A. Stordalen, founder and proprietor of Strawberry.

“This is a fantastic milestone in our 70-year history, and the start of a new era for NLTG. With Norwegian as our owner, we gain access to one of Europe’s most extensive flight networks. It gives us a completely new platform to broaden our customer offering and reach more customers, not least when it comes to a broader portfolio of hotels, tailored to the Nordic customer,” mentioned Magnus Wikner, Chief Executive Officer of NLTG.

Transaction particulars and course of

The consideration for the acquisition is roughly SEK 7.94 billion, comprising a money part of SEK 3.5 billion and 300 million consideration shares in Norwegian, primarily based on newest 5-day common share worth (VWAP) of NOK 14.95 and SEKNOK change charge of 1.01. In addition, as much as 30 million extra shares payable to be decided throughout the fourth quarter of 2026. The money part will probably be financed by a mixture of money, bond problem and different sources to be organized previous to closing. Upon completion, the present house owners of NLTG – Strawberry, Altor, and TDR – will develop into vital shareholders within the mixed group. The substantial share part alerts the promoting shareholders’ continued alignment with and confidence within the mixed group. Strawberry and Altor will every personal roughly 8.9 p.c and TDR will personal roughly 4.4 p.c, assuming no extra consideration shares are issued. Strawberry and Altor will probably be proposed one consultant every for illustration within the Board of Directors. Strawberry, Altor and TDR have agreed to a customary 180-day lock-up interval for his or her consideration shares after closing, topic to customary exemptions or waiver by the Board of Directors.

The money part will probably be financed by a mixture of money from Norwegian’s stability sheet and new debt services to be organized previous to closing. The present house owners of NLTG have agreed to a 180-day lock-up interval for his or her new shares. Norwegian can even take into account a secondary itemizing in Stockholm following closing, to replicate the enlarged group’s broader Nordic shareholder base and buyer footprint.

Completion of the transaction is topic to approval by Norwegian’s Extraordinary General Meeting, regulatory approvals, together with EU competitors clearance, and different customary closing circumstances. The EGM is anticipated to happen on or about 8 July 2026 to be able to approve an authorisation of the share issuance to the Board of Directors. Closing is focused throughout the second half of 2026.

Note to editors:

Further particulars of the transaction will be discovered within the inventory change announcement revealed by Norwegian this morning.

In reference to immediately’s announcement, a press convention will probably be held at Norwegian’s headquarters at Oksenøyveien 3, Fornebu, at 09.45 AM CEST. Speakers on the press convention are:

Geir Karlsen, CEO of Norwegian

Dag Mejdell, Chair of the Board of Directors at Norwegian

Magnus Wikner, CEO of NLTG

Petter Stordalen, proprietor and founding father of Strawberry

The press convention will probably be carried out in Norwegian and Swedish, beginning promptly at 09:45 CET.

Opportunities for one-on-one interviews will probably be out there following the primary presentation.

The occasion will probably be streamed stay on-line here.

About Nordic Leisure Travel Group (NLTG)

Nordic Leisure Travel Group is a number one tour operator within the Nordics, with a portfolio of idea inns in key solar locations in amongst others Spain and Greece, and a community of greater than 360 locations throughout over 60 nations.

The group is understood for its recognised client manufacturers: Ving in Norway and Sweden, Spies in Denmark, and Tjäreborg in Finland, in addition to its in style lodge manufacturers Sunwing, Sunprime, and Ocean Beach Club (OBC). The built-in mannequin, which mixes a tour operator, an in-house airline with 12 medium and long-haul plane (Sunclass Airlines), and 26 extremely worthwhile idea inns in key locations like Spain and Greece, has secured a number one place in Sweden, Norway, and Denmark, and the quantity two place in Finland. Customer recognition is robust throughout all 4 markets.