Norwegian Air Shuttle has agreed to acquire Nordic Leisure Travel Group (NLTG), bringing together major Nordic travel brands including Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines with Norwegian and Widerøe.
The deal will create a vertically integrated Nordic travel group spanning airlines, package holidays, hotels and travel retail. Together, the businesses will serve approximately 30 million customers annually, operate nearly 160 aircraft and offer everything from individual flight bookings to complete holiday packages.
A Major Strategic Expansion
The acquisition significantly broadens Norwegian’s business model beyond air transport. NLTG contributes:
- Leading package-holiday brands across Scandinavia.
- A fleet of 12 Airbus aircraft operated by Sunclass Airlines.
- Proprietary hotel brands and resorts in Spain, Greece, Cyprus, Thailand and Türkiye.
- The Airshoppen onboard and travel retail business.
Norwegian expects the transaction to increase annual group revenue by nearly 50%.
Strong Growth and Synergy Potential
Management sees several opportunities to boost profitability:
- Expanding package-holiday sales to Norwegian’s 27 million airline passengers.
- Increasing occupancy at NLTG’s hotel portfolio.
- Potentially doubling the number of NLTG’s own-concept hotels.
- Better coordination between Norwegian, Widerøe and Sunclass flight networks.
- Extending the Spenn loyalty programme to NLTG brands and hotels.
The company expects the acquisition to become earnings-accretive from 2027 and to improve operating margins by approximately two percentage points compared with current levels.
Financial Details
The transaction values NLTG at approximately SEK 7.94 billion and consists of:
- SEK 3.5 billion in cash.
- 300 million new Norwegian shares.
- Potential additional consideration of up to 30 million shares in late 2026.
Following completion:
- Strawberry and Altor will each hold about 8.9% of Norwegian.
- TDR Capital will own roughly 4.4%.
- Strawberry and Altor are expected to gain representation on Norwegian’s board.
What Happens Next?
The acquisition remains subject to:
- Approval by Norwegian shareholders.
- EU competition clearance and other regulatory approvals.
- Completion of financing arrangements.
An extraordinary general meeting is expected around 8 July 2026, with closing targeted during the second half of 2026.
If approved, the deal will create one of the largest integrated travel groups in Northern Europe, combining airlines, tour operators, hotels and loyalty programmes under a single Nordic-owned travel company.