Norwegian has signed an agreement to acquire Nordic Leisure Travel Group (NLTG), owner of Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines, among others. The deal will create one of the largest integrated travel groups in the Nordics, with nearly 30 million customers annually, approximately 160 aircraft, and operations in scheduled flights, package tours, and hotels.
The acquisition means that Norwegian, Widerøe and NLTG will come under the same ownership structure. For travellers, this is expected to result in a wider range of destinations, more hotel options and a more cohesive travel experience from booking to the return journey.
– This is a milestone for Nordic travel. By combining NLTG's leading position in holiday travel with Norwegian's and Widerøe's extensive route network, we are creating a better and more flexible customer offering, says Norwegian CEO Geir Karlsen.
Strengthens the position in the Nordics
The merged group will have a strong presence in all Nordic markets. Norwegian sees particular opportunities to grow in Sweden and Denmark, while the company gains access to NLTG's extensive hotel operations and package tour expertise.
The acquisition also includes NLTG's wholly-owned concept hotels in Spain, Greece, Cyprus, Thailand, and Turkey. Norwegian expects these hotels to benefit from the expanded customer base from the airline's network.
The acquisition is expected to increase the group's annual revenue by almost 50 percent.
Sunclass Airlines completes flight network
The airline Sunclass Airlines, owned by NLTG (Nordic Leisure Travel Group), has a fleet of twelve Airbus aircraft for medium and long-haul flights. According to Norwegian, there is limited overlap between Sunclass and Norwegian's existing route network, which opens up opportunities for better capacity utilisation and more holiday destinations.
The duty-free operation Airshoppen is also included in the deal.
Synergies from 2027
Norwegian expects the deal to contribute positively to its earnings as early as 2027. The synergies are expected to come from, among other things, increased sales of package holidays to Norwegian's customer base, more efficient flight programmes, more of its own hotel concepts, and increased use of the loyalty programme Spenn.
– We are convinced that this agreement will create significant long-term value. It is a strategic step that prepares our business for the future, says Norwegian's Chairman of the Board, Dag Mejdell.
Strawberry becomes major shareholder
The purchase price amounts to approximately SEK 7.94 billion and consists of a cash component of SEK 3.5 billion and shares in Norwegian. Following the completion of the transaction, the current owners Strawberry, Altor and TDR will become significant shareholders in the new group.
Strawberry's founder Petter A. Stordalen sees great opportunities in the collaboration:
– The new Norwegian group will be one of Strawberry's largest strategic investments. We are committed to being a long-term owner and an active partner in its continued development and growth.
Expected to be completed during 2026
The transaction requires approval from Norwegian shareholders and competition authorities, including the European Commission. An extraordinary general meeting is planned for early July, and completion is expected in the second half of 2026.
Norwegian also states that the company will consider a parallel listing on Nasdaq Stockholm after the transaction has been completed.
Information for the media – PRESS CONFERENCE IN OSLO AND STOCKHOLM TODAY
Further details about the transaction can be found in the stock exchange announcement published by Norwegian this morning.
PRESS CONFERENCE IN OSLO AT 09:45
In connection with today's announcement, a press conference will first be held at Norwegian's headquarters outside Oslo at Oksenøyveien 3, Fornebu, at 09:45 – followed by a press conference in Stockholm at 14:00, see details below.
Attendees at the press conference at Norwegian's headquarters in Oslo:
Geir Karlsen, Chief Executive of Norwegian
Dag Mejdell, Chairman of the Board of Norwegian
Magnus Wikner, CEO NLTG
Petter A. Stordalen, owner and founder of Strawberry
The press conference outside Oslo will be broadcast live via this link.
