Norwegian has agreed to acquire Nordic Leisure Travel Group (NLTG), creating one of the largest integrated travel companies in the Nordic region and bringing airlines, tour operators, hotels and holiday brands under a single ownership structure.

The transaction, valued at approximately SEK 7.94 billion, combines Norwegian and Widerøe with NLTG’s portfolio of travel brands, including Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines. Together, the enlarged group is expected to serve around 30 million customers annually and operate close to 160 aircraft.

Creating a Nordic travel powerhouse

The acquisition marks one of the most significant developments in the Nordic travel industry in recent decades. It transforms Norwegian from a predominantly airline-focused business into a vertically integrated travel group with interests spanning aviation, package holidays, hotels and leisure experiences.

“This is a milestone in Nordic travel history,” said Geir Karlsen, Chief Executive Officer of Norwegian.

“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.”

The combined business will offer customers everything from standalone flights operated by Norwegian and Widerøe to complete holiday packages through Ving, Spies, Tjäreborg and Globetrotter.

Hotels and holiday experiences added to portfolio

In addition to its travel brands, NLTG brings a portfolio of owned concept hotels located in Spain, Greece, Cyprus, Türkiye and Thailand. Norwegian believes these assets will benefit from access to a significantly larger customer base through the group’s expanded airline network.

The acquisition is expected to increase Norwegian’s annual operating revenue by almost 50% and strengthen its presence in key Nordic markets, particularly Sweden and Denmark.

Petter A. Stordalen, founder and owner of Strawberry, described the deal as an opportunity to accelerate hotel growth.

“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,” he said.

Sunclass Airlines strengthens network

NLTG’s airline subsidiary, Sunclass Airlines, operates a fleet of 12 Airbus aircraft focused on leisure charter operations.

Norwegian noted that Sunclass’s network has limited overlap with its own route structure. While Norwegian operates nearly 390 scheduled routes across Europe and the Nordics, Sunclass focuses on around 25 leisure destinations, creating opportunities for complementary network development and improved aircraft utilisation.

The enlarged group will also include Airshoppen, NLTG’s travel retail platform, which Norwegian plans to develop further as part of its broader commercial strategy.

Synergies and growth plans

Norwegian expects the acquisition to generate significant revenue and cost synergies while strengthening profitability from 2027 onwards.

Growth plans include expanding NLTG’s hotel portfolio, increasing occupancy at existing properties and leveraging deliveries of new Airbus A321neo and A330neo aircraft.

The company also plans to extend its loyalty programme, Spenn, which is currently operated alongside Strawberry, to NLTG’s brands and hotels.

According to Norwegian, the acquisition is expected to be earnings accretive for shareholders from 2027, with further benefits anticipated from 2028 onwards.

Transaction structure

The deal consists of a cash payment of SEK 3.5 billion and 300 million newly issued Norwegian shares. An additional 30 million shares may be issued depending on performance metrics to be determined in late 2026.

Following completion, NLTG’s current owners – Strawberry, Altor and TDR Capital – will become major shareholders in Norwegian. Strawberry and Altor are each expected to hold approximately 8.9% of the combined company, while TDR will own around 4.4%.

Norwegian also indicated it may pursue a secondary stock market listing in Stockholm after the transaction closes, reflecting the enlarged group’s broader Nordic footprint.

Closing expected in second half of 2026

The transaction remains subject to shareholder approval, regulatory clearances including EU competition approval, and customary closing conditions.

Norwegian plans to hold an Extraordinary General Meeting around July 8, 2026, to seek authorisation for the share issuance required to complete the deal.

If approved, the acquisition is expected to close during the second half of 2026, creating a new Nordic travel group spanning aviation, hospitality and leisure travel.