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Hurtigruten accepts terms of takeover bid
Scandinavian cruise line Hurtigruten has seen its share price surge to a six-year high after accepting the terms of a takeover from a group fronted by two board members.
It said it would recommend the offer at a 55.6% premium on its previous closing price, valuing the company at $444 million.
The news pushed up Hurtigruten’s shares 52% to its highest level since 2008.
The group known as Silk Bidco is led by private equity firm TDR Capital, alongside board member Petter Stordalen and chairman Trygve Hegnar.
TDR will hold a 90% stake while Stordalen and Hegnar will have 5% each.
“When you do a scan of the leisure space, Hurtigruten is probably the most unique opportunity, so we quickly focused and realised that the Norwegian coast was somewhere we would like to invest,” said John Rosen, partner at TDR Capital.
“You need strong owners who are committed to invest in the future and we want a bigger share of the global expanding leisure market,” Stordalen said.
“Hurtigruten is an iconic brand with a unique heritage and a strong market position. We are excited by the opportunity to accelerate the growth of the business, building on its strong platform in the Nordic region, investing across the fleet and, crucially, continuing to deliver a world class experience to passengers.”
Hurtigruten has a fleet of 12 ships and operates coastal voyages to the Norwegian fjords and the Northern Lights.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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