Norwegian Air to buy Nordic Leisure Travel Group

Budget airline Norwegian Air said today it has agreed to buy package holiday company Nordic Leisure Travel Group for around 7.94 billion Swedish crowns ($842.90m) in cash and stock.

Norwegian said the deal, which includes tour operator and hotel brands, would create a Nordic travel group serving roughly 30 million customers annually, lift revenue by close to 50% and be earnings accretive from 2027.

“We see a significant opportunity to grow hotel and holiday sales across our existing customer base,” Norwegian Air CEO Geir Karlsen said in a statement.

The transaction, backed by the airline’s major shareholder Geveran, is subject to shareholder and regulatory approval, including EU antitrust clearance, and is targeted to close in the second half of 2026.

Upon closing, Strawberry Equities, funds managed by Altor and TDR Capital will become significant shareholders, Norwegian said.