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Norwegian Air Shuttle ASA (“Norwegian”) has entered into an agreement to acquire Nordic Leisure Travel Group AB (“NLTG”), the leading hotel and leisure travel experiences company in the Nordics. The transaction brings together household-names and award-winning brands such as Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines with Norwegian and Widerøe, creating a stronger and unique end-to-end Nordic travel player. The acquisition combines NLTG’s expertise in packaged travel and hotels with Norwegian and Widerøe’s existing network with 27 million passengers. Together, the combined company will create a leading Nordic provider for leisure and business travel. For travellers, this means a wider selection of destinations, simpler bookings, and seamless travel.
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The consideration for the acquisition is approximately SEK 7.94 billion, comprising a cash component of SEK 3.5 billion and 300 million consideration shares in Norwegian, based on latest 5-day average share price (VWAP) of NOK 14.95 and SEKNOK exchange rate of 1.01. In addition, up to 30 million additional shares payable to be determined during the fourth quarter of 2026. The transaction is supported by the largest shareholder, Geveran Trading Company Ltd (“Geveran”). Upon closing, Strawberry Equities AS (“Strawberry”), funds managed by Altor (“Altor”) and TDR Capital (“TDR”) will become significant shareholders in Norwegian. The acquisition is expected to unlock substantial synergies and is expected to be earnings accretive for Norwegian shareholders already in 2027, improving further from 2028. Completion of the transaction is subject to Norwegian’s Extraordinary General Meeting, regulatory approvals (including EU competition clearance) and other customary closing conditions.
Strategic rationale
The leisure travel industry in Europe is changing rapidly, with the most successful players generating fast-growing revenue streams from combining the sale of flights and hotels and experiences. Norwegian and NLTG complement each other as Norwegian is a highly efficient airline with an extensive flight network and NLTG has a unique hotels and leisure travel offering with a limited flight network. NLTG, through its award-winning hotels and modern digital booking platform, offers a compelling leisure travel proposition that seamlessly combines hotels, flights, and ancillary services, while having limited access to airline capacity beyond its own operations. NLTG is the leader in leisure travel in the Nordics. Together, Norwegian and NLTG see the potential to offer a wider packaged travel experience, establishing NLTG concept hotels at its larger destinations, and optimising NLTG’s airline operations.
“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,” said Geir Karlsen, CEO of 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,” said Petter A. Stordalen, founder and owner of Strawberry.
“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,” said Dag Mejdell, Chair of the Board of Directors at Norwegian.
“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,” said Magnus Wikner, Chief Executive Officer of NLTG.
The agreement will unite Norwegian, Widerøe and NLTG under a single ownership structure, creating a vertically integrated travel group in the leisure and business segments. The addition of a new hotel and leisure experience business with its own brands will enable Norwegian, Widerøe and NLTG to develop distinct value drivers, while benefiting from strong group coordination to unlock synergies, optimise performance and deliver enhanced customer value. With a combined fleet of nearly 160 aircraft, extensive tour and hotel operations, the combined group will serve approximately 30 million customers annually. The group will provide a comprehensive travel offering, ranging from individual flights across Norwegian and Widerøe’s extensive route networks to complete holiday packages with leading tour operators: Ving from Norway and Sweden, Spies from Denmark, Tjäreborg from Finland as well as Globetrotter. Included in the acquisition is NLTG’s profitable own concept hotels are in Spain, Greece, Cyprus, Thailand and Türkiye which now will benefit from a steady stream of customers from an expanded group network. NLTG will continue to operate under its established brands following completion of the transaction. Norwegian has high regard for the NLTG team and values the complementary competence they will bring to the combined group. The transaction is expected to increase annual group operating revenue by close to 50 percent.
For the last twelve-month (LTM) period ending 31 March 2026, NLTG delivered SEK 17 billion in revenues, SEK 1,024 million in adjusted EBITDA, and SEK 768 million in adjusted EBITA (SGAAP), of which approximately 65 percent of the EBITA was contributed by the Hotels and Travel Experience business (excluding the Sunclass airline business). NLTG had approximately SEK 1.5 billion in cash and cash equivalents and approximately SEK 267 million in interest-bearing debt at year-end 2025 (SGAAP).
Joint growth and synergies
Norwegian sees a clear path to grow NLTG’s revenue and profitability over the coming years. NLTG plans to achieve this by optimising flight programs, potentially doubling the number of successful own concept hotels, improving volume at the existing hotel portfolio, recent and future deliveries of new and fuel-efficient Airbus A321neo and A330neo aircraft, and implementing a range of profit enhancing measures with effects already from 2027. Beyond this, Norwegian also expects to create significant value by leveraging its broader network to reach new leisure destinations, such as mainland Spain, and by connecting its flights with Widerøe’s to offer a seamless travel experience for holiday guests. Norwegian will also offer NLTG’s travel packages to its extensive customer base, and plans to expand Spenn, the shared loyalty points already used by Norwegian and Strawberry, to NLTG’s brands and concept hotels. On top of continued growth, the profit enhancing initiatives and the realised synergies are expected to increase the underlying operating margin by approximately 2 percent in 2027 relative to LTM March 2026, with further improvement from 2028 and beyond.
About NLTG
NLTG is a leading leisure travel operator in Sweden, Norway, Denmark, and Finland, with a portfolio of 26 concept hotels in key sun destinations in a.o. Spain and Greece, and a network of more than 360 destinations across over 60 countries. Its travel brands Ving, Spies, Tjäreborg and Globetrotter, alongside the Sunwing, Sunprime and Ocean Beach Club (OBC) hotel brands are among the most recognised household names in Nordic leisure travel. The group holds the number one position in Sweden, Norway and Denmark and the number two position in Finland, with strong customer recognition across all four markets.
Sunclass Airlines, NLTG’s subsidiary airline, operates a fleet of 12 medium- and long-haul Airbus aircraft. The Sunclass, Norwegian and Widerøe networks have limited overlap. Norwegian’s close to 390 routes are concentrated on scheduled traffic to key destinations in the Nordics, Europe and closely adjacent countries, while Sunclass operates to approximately 25 destinations focused on leisure charter, enabling improved utilisation and increased coverage when routes are coordinated within the combined group. NLTG also operates its own travel retail platform, Airshoppen, whose strategy for further growth and development will be strengthened in the enlarged group.
In the second quarter of 2026, NLTG has been influenced by the heightened military escalation in the Middle East and the increased price for jet fuel but is seeing a trajectory towards normalisation in booking of travels. NLTG’s policy is to hedge fuel exposure in line with its booked travel. NLTG has since last year implemented a new strategy plan which is estimated to deliver significant growth in earnings in 2027 driven by growth, particularly within own concept hotels and efficiency initiatives. NLTG has historically delivered SEK 1.3 to 1.5 billion in EBITA (SGAAP) and 9–10 percent EBITA margins for multiple years prior to Covid-19. For further information on financial details, please see the accompanying investor presentation.
Transaction details
Norwegian will acquire NLTG for an initial consideration of SEK 3.5 billion in cash and 300 million consideration shares in Norwegian, for a total initial consideration of approximately SEK 7.94 billion. An additional consideration of up to 30 million further consideration shares may be issued and will be determined according to the average share price (VWAP) for the 20 trading days from 16 November 2026 through 11 December 2026. The cash component will be financed through a combination of cash, bond issue and other sources to be arranged prior to closing.
Upon closing, Strawberry, Altor and TDR will become significant shareholders in the combined group. Strawberry and Altor will each own approximately 8.9 percent, and TDR Capital will own approximately 4.4 percent, assuming no additional consideration shares are issued. Strawberry and Altor will be proposed one representative each for representation in the Board of Directors. Strawberry, Altor and TDR have agreed to a customary 180-day lock-up period for their consideration shares after closing, subject to customary exemptions or waiver by the Board of Directors. Norwegian has completed a comprehensive due diligence review prior to the announcement of this acquisition.
Process, timing and further information
Completion of the transaction is subject to approval by an Extraordinary General Meeting (“EGM”) of Norwegian, regulatory approvals (including EU competition clearance) and other customary closing conditions. Closing is targeted during second half of 2026. The EGM is expected to take place on or about 8 July 2026 in order to approve an authorisation of the share issuance to the Board of Directors. Geveran has committed to vote in favour of the transaction at the EGM. Norwegian will also consider a secondary listing in Stockholm following closing, to build a broader Nordic shareholder base and reflect the group’s Nordic customer footprint.
Pareto Securities is acting as financial adviser and Wikborg Rein Advokatfirma is acting as legal adviser to Norwegian in connection with the transaction. DNB Carnegie, a part of DNB Bank ASA, is acting as financial adviser to NLTG and its shareholders, and Arctic Securities AS is acting as co-financial adviser, and White & Case (lead counsel), Ro Sommernes and Thommessen (Norwegian law matters) as legal advisers to NLTG and its shareholders.
Norwegian will host an investor and analyst call today at 11:00 CEST. Link to the call will be available at norwegian.com/investor-relations.
For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian, Tel: +47 906 64 401
Hans-Jørgen Wibstad, CFO at Norwegian, Tel: +47 916 89 661
Esben Tuman, Media Relations at Norwegian, Tel: +47 905 08 400
Fornebu, 16 June 2026
Norwegian Air Shuttle ASA
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Jesper M. Hatletveit, VP Investor Relations at Norwegian Air Shuttle ASA, on 16 June 2026 at 08:00 CEST.
Illustrative aggregated financial information
The illustrative aggregated unaudited financial information as included in the announcement presentation as separately enclosed to this release is based on audited consolidated financial statements for Norwegian and NLTG for the financial year ending 31 December 2025 and 30 September 2025 respectively, and unaudited consolidated financial statements for the last twelve months ending 31 December 2025 and 31 March 2026. The illustrative aggregated financial information does not represent pro forma financial information as impacts such as
among other those relating to purchase price allocation, differences in accounting principles, adjustments related to transaction costs and impacts of potential financing have not been taken into account. Expected potential synergies are not included. The illustrative aggregated income statement information and key figures have been presented as if the combined business had been carried on in the same group from the start of 2025.
Important notice
This release is not for publication or distribution, in whole or in part, directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations for information purposes only and does not constitute or form a part of any offer of securities for sale or a solicitation of an offer to purchase securities of Norwegian in the United States or any other jurisdiction. The securities of Norwegian have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities of Norwegian may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act. Any sale in the United States of the securities mentioned in this communication may solely be made to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act. In any EEA member state, other than Norway, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who lawfully can receive this information. In the United Kingdom, this communication is directed only at persons who are Qualified Investors and who are also: (i) investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or (ii) persons falling within Article 49(2)(a) to (d) of that Order, including high net worth companies, unincorporated associations and similar bodies. Such persons are referred to in this communication as “Relevant Persons.” This communication is directed only at Relevant Persons. It must not be acted on or relied on by, and any investment or investment activity to which it relates will be available only to, persons in the United Kingdom who are Relevant Persons. Persons who are not Relevant Persons should not take any action on the basis of this communication and should not rely on it.
Any contemplated offering of securities in Norwegian referred to in this release will only be made by means of a prospectus, as per the EU Prospectus Regulation (as implemented under Norwegian law), or any applicable exemptions from prospectus or other registration requirements. The expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any EEA member state).
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Norwegian believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.
The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. This announcement is made by, and is the responsibility of, Norwegian. No advisor mentioned herein, nor any of their respective affiliates, makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of Norwegian. No advisor mentioned herein, nor any of their respective affiliates, accepts any liability arising from the use of this announcement. Each of the parties, the advisors mentioned herein and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.
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