Norwegian Air Shuttle agreed on 16 June to buy Nordic Leisure Travel Group, the tour operator behind Ving, Spies, Tjäreborg and Globetrotter, for about SEK7.94bn in cash and shares.
Why Norwegian Air Shuttle ASA is buying Nordic Leisure Travel Group AB
Norwegian said combining its route network with NLTG's package travel and hotel business would create a vertically integrated travel group, lift group operating revenue by close to 50% and add about two percentage points to its underlying operating margin in 2027. The combined group would serve about 30 million customers a year.
“This transaction will secure Nordic ownership of NLTG”
Deal terms and financing
The sellers receive SEK3.5bn in cash and 300m new Norwegian shares, valued on a five-day VWAP of NOK14.95, plus up to 30m earn-out shares. The cash will be funded from cash on hand, a bond issue and other sources. Strawberry and Altor will each nominate a board member and all three sellers accepted a 180-day lock-up.
Regulatory approvals and timing
Norwegian's shareholders approved the transaction on 8 July 2026. Closing requires regulatory approvals including EU competition clearance and is targeted for the second half of 2026.
Market context
Altor, Strawberry and TDR bought NLTG after the 2019 collapse of Thomas Cook Group. NLTG ranks first in Sweden, Norway and Denmark and second in Finland, runs Sunclass Airlines and about two dozen concept hotels in sun destinations.
