Norwegian acquires Nordic Leisure Travel Group for nearly SEK 8 billion

Norwegian Air Shuttle is acquiring Nordic Leisure Travel Group (NLTG), the travel and hotel conglomerate owned by Petter Stordalen, in a deal valued at nearly SEK 8 billion, SVT Nyheter reports.

NLTG includes major tour operators Ving, Spies, and Tjäreborg, which specialise in package holidays. Norwegian CEO Geir Karlsen called the acquisition a “milestone for Nordic travel,” stating it would create a full-service travel provider combining Norwegian’s flight network with NLTG’s package tour offerings.

“Norwegian and Widerøe will continue to offer competitive flights, and by adding NLTG’s leading position in holiday travel to our extensive route network, we create a better and more flexible customer offering,” Karlsen said in a statement.

The deal makes Stordalen one of Norwegian’s largest shareholders. In a press release, he described the new Norwegian group as one of Strawberry’s “largest strategic investments” and pledged long-term involvement in its development.

Norwegian also announced it is considering a secondary listing on the Stockholm Stock Exchange, having already been listed in Oslo.