Aviation company Norwegian has entered into a definitive agreement to acquire Nordic Leisure Travel Group (NLTG), the region’s leading hotel and leisure experiences operator. The massive acquisition unites major travel brands like Ving, Spies, Tjäreborg, Globetrotter, and Sunclass Airlines under the same corporate umbrella as Norwegian and Widerøe, establishing a vertically integrated travel powerhouse.
The transaction is valued at approximately SEK 7.94 billion (€728.64 million). The consideration features a SEK 3.5 billion (€321.15 million) cash component alongside 300 million Norwegian shares, with the potential for an additional 30 million shares depending on metrics evaluated in late 2026. To fund the cash portion, Norwegian plans to deploy internal balance sheet cash alongside newly arranged debt facilities. Following completion, current NLTG owners Strawberry, Altor, and TDR will transition into major stakeholders, commanding 8.9%, 8.9%, and 4.4% of the combined group respectively, and will be bound by a standard 180-day share lock-up period.
By integrating NLTG’s extensive packaged holiday infrastructure and profitable concept hotels in destinations like Spain, Greece, Cyprus, Thailand, and Türkiye, the expanded group will serve roughly 30 million annual passengers across a joint fleet of nearly 160 aircraft. Geir Karlsen, CEO of Norwegian, emphasized that the merger transforms every airline ticket into a potential full-scale holiday conversion, boosting revenue per passenger and smoothing booking visibility across highly competitive Danish and Swedish markets. Furthermore, NLTG’s subsidiary, Sunclass Airlines, brings 12 Airbus aircraft into the fold with minimal existing route overlap, allowing the group to maximize fleet utilization between scheduled and charter flights.
Financially, Norwegian projects that the combination will expand annual group operating revenues by nearly 50%. Synergy targets and profit-enhancing measures are expected to boost underlying operating margins by roughly 2% in 2027 compared to the twelve months ending March 2026, making the acquisition earnings-accretive for shareholders by 2027. Future expansion strategies include doubling successful concept hotel locations, integrating the shared Spenn loyalty program across NLTG holdings, and potentially exploring a secondary stock listing in Stockholm to capture a broader Nordic investor base.
The acquisition remains subject to approval by an Extraordinary General Meeting scheduled for July 8, 2026, alongside standard regulatory hurdles, including EU competition clearance. The parties expect the transaction to close during the second half of 2026.
