Norwegian to Acquire Nordic Leisure Travel Group
- Joe Breitfeller
- 2 hours ago
- 4 min read
Norwegian has today announced that they have entered into an agreement to acquire Nordic Leisure Travel Group, parent of well-known brands such as Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines.
On Tuesday (June 16, 2026), Norwegian Group announced that they have entered an agreement to acquire Nordic Leisure Travel Group (NLTG), the leading Nordic hotel and travel group. The agreement brings together well-known and award-winning brands such as Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines with Norwegian and Widerøe, creating a strong and unique Nordic total travel provider. The acquisition combines NLTG’s expertise in package holidays and hotels with Norwegian and Widerøe’s existing network of 27 million passengers annually, establishing a leading Nordic provider of leisure and business travel. For travelers, this means a wider choice of destinations, easier bookings and a more seamless journey.
In Tuesday’s announcement, Norwegian’s CEO, Geir Karlsen, said,
“This is a milestone for Nordic tourism. Norwegian and Widerøe will continue to offer competitive flights to our customers. By adding NLTG's leading position in holiday travel to the Norwegian Group’s extensive route network, we are building a better and more flexible offer to our customers. We see a significant opportunity to increase sales of hotels and holiday travel across our existing customer base. Every flight will become an opportunity for a complete holiday experience, and will be able to generate significant additional revenue per passenger. In addition, we are creating a stronger platform for growth throughout the Nordics, especially in Sweden and Denmark. Through several different travel concepts, we can increase the fill rate and secure bookings earlier. This agreement will secure Nordic ownership in NLTG and deliver a more holistic product to all customers of Norwegian, Widerøe and NLTG.”
Also commenting on the acquisition, Norwegian Group’s Chairman, Dag Meidell, said,
“We are convinced that this transaction will create significant, long-term value. The acquisition is a strategic step that positions our business for the future. The transaction is supported by a unanimous board, reflecting our clear ambition to build a leading integrated travel group in the Nordics, which will be the best choice for both business and leisure travelers.”
Norwegian Leisure Travel Group’s CEO, Magnus Wikner, added,
“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 routes. It gives us a completely new platform to expand our customer offering and reach more customers, not least when it comes to a broader portfolio of hotels tailored to the Nordic customer.”
Once NLTG’s hotel and tourism business integrates with Norwegian Group, the different brands will provide Norwegian, Widerøe and NLTG with good opportunities for increased value creation. The company will be able to realize synergies, optimize operations and provide increased value for customers. The expanded offer will include everything from scheduled flights in Norwegian’s and Widerøe's extensive networks, to complete holiday packages with Ving in Norway and Sweden, Spies in Denmark, Tjäreborg in Finland, and Globetrotter.
With the addition of Sunclass Airlines, the new leading Nordic travel group will include nearly 160 aircraft, along with tour operator and hotel operations. The agreement also includes NLTG's profitable concept hotels in Spain, Greece, Cyprus, Thailand and Turkey, which will benefit from a stable supply of customers from an expanded route network in the Group. The transaction is expected to increase the group’s annual operating revenues by around 50 percent.
Sunclass Airlines has a fleet of 12 medium and long-haul Airbus aircraft. Sunclass, Norwegian and Widerøe's networks have limited overlap. Norwegian’s nearly 390 routes are concentrated on scheduled traffic to important destinations in the Nordics, Europe and neighboring countries, while Sunclass flies to 25 popular charter destinations. This makes it possible to achieve better utilization and increased coverage when the routes are coordinated in the merged group. NLTG also operates their own duty-free platform, Airshoppen, whose strategy for further growth and development will be strengthened in the enlarged group.
Additionally, the Spenn loyalty program, already used by Norwegian and Strawberry, is planned to be extended to NLTG’s brands and concept hotels. The acquisition is expected to trigger significant synergies and be accretive to Norwegian's shareholders as early as 2027, with further improvement from 2028. In addition to continued growth and synergies, the profitability-enhancing measures are expected to increase the underlying operating margin by approximately 2.0 percent in 2027 compared to the last twelve months to March 2026, with further improvement from 2028 onwards.
The consideration for the acquisition is approximately SEK 7.94 billion (US $848.1 million), consisting of a cash payment of SEK 3.5 billion (US $373.9 million) and 300 million Norwegian settlement shares, based on the latest 5-day weighted average price (VWAP) of NOK 14.95 and a SEK/NOK rate of 1.01. In addition, up to 30 million new shares may be issued, which will be determined during the fourth quarter of 2026. The cash payment will be financed through a combination of available cash, bond issuance and other financing sources that will be established prior to closing.
Upon completion, the current owners of NLTG, Strawberry, Altor and TDR, will become significant shareholders in the combined group. The significant share component signals that the selling shareholders remain aligned with, and have confidence in, the combined group. Strawberry and Altor will each own approximately 8.9 percent, and TDR will own approximately 4.4 percent, assuming no additional consideration shares are issued. Strawberry and Altor will be proposed to be represented by one director each on Norwegian’s board of directors.
Source: Norwegian Group / Mynewsdesk
