Norwegian announced that it has entered into an agreement to acquire Nordic Leisure Travel Group, a leading hotel and leisure travel experiences company in the Nordics.
The acquisition brings together Norwegian and Widerøe with Nordic Leisure Travel Group’s well-known travel brands, including Ving, Spies, Tjäreborg, Globetrotter, and Sunclass Airlines. The combined company will create an integrated Nordic travel group serving both leisure and business travelers.
The combined group will encompass close to 160 aircraft, extensive tour and hotel operations, and approximately 30 million customers annually. Norwegian said the transaction will combine Nordic Leisure Travel Group’s packaged travel and hotel expertise with Norwegian and Widerøe’s network, which serves 27 million passengers.
The acquisition includes Nordic Leisure Travel Group’s concept hotels in Spain, Greece, Cyprus, Thailand, and Türkiye. These hotel assets are expected to benefit from a larger customer base through the expanded group network.
Norwegian said the deal is expected to increase annual group operating revenue by close to 50%. The company also expects the acquisition to be earnings accretive for Norwegian shareholders beginning in 2027, with further improvement from 2028.
Sunclass Airlines, Nordic Leisure Travel Group’s subsidiary airline, operates 12 medium- and long-haul Airbus aircraft and serves about 25 leisure charter destinations. Norwegian said Sunclass has limited network overlap with Norwegian and Widerøe, creating opportunities to improve aircraft utilization and expand route coverage.
Norwegian also sees opportunities to grow Nordic Leisure Travel Group’s revenue and profitability by optimizing flight programs, potentially doubling the number of concept hotels, improving volume across the existing hotel portfolio, adding more fuel-efficient Airbus A321neo and A330neo aircraft, and implementing profit-enhancing initiatives beginning in 2027.
The shared loyalty points program Spenn, already used by Norwegian and Strawberry, is also planned to be extended to Nordic Leisure Travel Group’s brands and concept hotels.
The consideration for the acquisition is approximately SEK 7.94 billion, consisting of SEK 3.5 billion in cash and 300 million consideration shares in Norwegian. Up to 30 million additional shares may also be payable, with the amount to be determined during the fourth quarter of 2026.
After completion, Nordic Leisure Travel Group’s current owners — Strawberry, Altor, and TDR — will become significant shareholders in the combined group. Strawberry and Altor are each expected to own approximately 8.9%, while TDR is expected to own approximately 4.4%, assuming no additional consideration shares are issued.
The transaction is subject to approval by Norwegian’s Extraordinary General Meeting, regulatory approvals including EU competition clearance, and other customary closing conditions. Closing is targeted for the second half of 2026.
KEY QUOTES:
“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.”
Geir Karlsen, CEO of Norwegian
“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.”
Dag Mejdell, Chair of the Board of Directors at Norwegian
“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.”
Petter A. Stordalen, Founder and Owner 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.”
Magnus Wikner, Chief Executive Officer of NLTG
