Norwegian takes a decisive step towards becoming the leading integrated travel group in the Nordic region, having signed an agreement to acquire Nordic Leisure Travel Group (NLTG), owner of Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines.
The transaction is valued at around SEK 7.9 billion and implies that Norwegian, Widerøe and NLTG will have the same ownership. Together, the group will have around 30 million customers per year and a turnover almost 50% higher than that of the current Norwegian group.
As part of the transaction, Norwegian will consider listing its shares on the Stockholm Stock Exchange in addition to the existing Norwegian listing. The goal is to build a broader Nordic shareholder base and reflect the Nordic customer base.
When the Oslo Stock Exchange closed on Monday afternoon last week, Norwegian had a total market capitalization of almost NOK 17 billion. At the close of the exchange on Tuesday, the total market capitalization was 16.3 billion Norwegian kroner.
Geir Karlsen, CEO of Norwegian - This is a historic milestone for the Nordic travel industry. By combining NLTG's leading position in the holiday travel industry with Norwegian and Widerøe's extensive route network, we are building a better and more flexible offering for customers.
With this deal, a travel group is created that includes about 160 planes, hotels, charter flights and regular traffic. For customers, this means a wider offering of destinations, hotels and vacation packages, as well as a more seamless booking and travel experience.
The renowned brands of NLTG, Ving, Spies and Tjäreborg will also have access to Norwegian and Widerøe's extensive route network. The group sees great opportunities to sell more vacation packages to Norwegian's existing customer base, which counts about 27 million passengers a year.
