Norwegian is acquiring Nordic Leisure Travel Group (NLTG) in a deal that creates one of the largest integrated travel companies in the Nordic region.
The acquisition brings together Norwegian and regional carrier Widerøe with NLTG’s portfolio of tour operators, hotels and leisure brands, including Ving, Spies, Tjäreborg, Globetrotter and Sunclass Airlines.
The combined business will serve around 30 million customers annually, operate nearly 160 aircraft and offer everything from scheduled flights to package vacations and hotel stays under one corporate structure.
Norwegian said the acquisition will significantly strengthen its leisure travel business while expanding its footprint in Sweden, Denmark, Finland and Norway. The transaction is expected to increase annual group revenue by almost 50%.
“This is a milestone in Nordic travel history,” said Norwegian CEO Geir Karlsen.
He said the combination would allow the airline to convert more flight customers into vacation package buyers while strengthening its position across the Nordic region.
The deal also brings NLTG’s portfolio of concept hotels in Spain, Greece, Cyprus, Thailand and Turkey into the Norwegian Group. The airline believes these properties will benefit from increased traffic generated through its extensive route network.
Sunclass Airlines, NLTG’s charter carrier, operates a fleet of 12 Airbus aircraft serving about 25 leisure destinations.
The enlarged group also plans to extend the Spenn loyalty program, currently used by Norwegian and hotel company Strawberry, to NLTG’s travel brands and hotels.
Norwegian expects the acquisition to deliver earnings growth beginning in 2027. Planned initiatives include expanding NLTG’s hotel portfolio, optimizing flight schedules, increasing hotel occupancy and introducing more fuel-efficient Airbus A321neo and A330neo aircraft.
Board Chairman Dag Mejdell said the transaction positions Norwegian for long-term growth while creating what he described as the leading integrated travel group in the Nordics.
NLTG CEO Magnus Wikner called the agreement “the start of a new era” for the company, saying access to Norwegian’s route network would allow it to reach more customers and expand its hotel portfolio.
The purchase price is valued at approximately SEK 7.94 billion (about $770 million). It includes SEK 3.5 billion in cash and 300 million newly issued Norwegian shares, with additional contingent shares possible in 2026.
Following completion, current NLTG owners Strawberry, Altor and TDR will become major shareholders in Norwegian.
The transaction remains subject to shareholder and regulatory approvals, including EU competition clearance. Norwegian expects the deal to close during the second half of 2026 and is also considering a secondary stock listing in Stockholm after completion.
