Norwegian Air Shuttle (Norwegian) has agreed to acquire Nordic Leisure Travel Group (NLTG), the largest leisure travel company group in the Nordic region.
The total acquisition value is approximately 7.94 billion Swedish krona, consisting of 3.5 billion Swedish krona in cash and 300 million shares. Once the acquisition is completed, the current owner of NLTG will become a major shareholder of Norwegian Air Shuttle. The acquisition is subject to approval by the authorities and is expected to be completed in the second half of this year.
NLTG is the largest leisure travel company group in the Nordic countries, operating brands such as “Ving” in Norway and Sweden, “Spies” in Denmark, “Tjäreborg” in Finland, and “Globetrotter.” It operates 26 highly profitable proprietary concept hotels in destinations such as Spain, Greece, Cyprus, Thailand, and Türkiye (Turkey). Its subsidiary Sunclass Airlines operates 12 Airbus aircraft.
With this transaction, the company says it will become the largest integrated travel group in the Nordic region, combining a fleet of approximately 160 aircraft with travel and hotel businesses used by 30 million people annually. Following the completion of the acquisition, operating revenue is expected to increase by around 50%, and by 2027, synergies and cost reductions are projected to improve the operating margin by 2 percentage points year-on-year.
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