Norwegian’s NLTG acquisition will bring one of the Nordic region’s best-known package holiday groups under the airline’s ownership, after the Oslo-listed company announced a SEK 7.94 billion (about €729 million) agreement to buy Nordic Leisure Travel Group on Tuesday. The deal would combine Norwegian and Widerøe’s flight network with Ving, Spies, Tjäreborg, Globetrotter, Sunclass Airlines and a portfolio of concept hotels, as the company seeks to build a more integrated Nordic travel group.
The transaction has not yet closed. It still requires approval from Norwegian’s extraordinary general meeting, expected around 8 July, and regulatory clearance, including EU competition approval. Norwegian expects completion in the second half of 2026.
Why the Norwegian NLTG acquisition matters
Norwegian is presenting the deal as a shift from a traditional airline model towards a broader travel platform. The company says the acquisition would combine NLTG’s expertise in package holidays and hotels with Norwegian and Widerøe’s existing network of around 27 million passengers.
The enlarged group would serve approximately 30 million customers a year and bring together nearly 160 aircraft, scheduled routes, charter operations, tour operators and hotels under one ownership structure. For passengers, the offer could increasingly move from single flight bookings to bundled travel products, including flights, accommodation and holiday services.
Norwegian’s Chief Executive Officer (konsernsjef) Geir Karlsen described the agreement as “a milestone in Nordic travel history”. The strategic aim is clear: to turn the airline’s customer base into a channel for holiday packages, while giving NLTG access to a larger flight network and loyalty ecosystem.
From Ving and Spies to Sunclass Airlines
Nordic Leisure Travel Group is one of the most recognisable names in Nordic tourism, although many customers know it through its local brands. The group operates Ving in Norway and Sweden, Spies in Denmark and Tjäreborg in Finland. It also includes Globetrotter, the in-flight retail platform Airshoppen, Sunclass Airlines and hotel brands such as Sunwing, Sunprime and Ocean Beach Club.
Sunclass Airlines operates 12 medium- and long-haul Airbus aircraft and focuses on leisure charter routes. Norwegian says its network and Sunclass’s network have limited overlap: Norwegian’s nearly 390 routes are concentrated on scheduled traffic across the Nordics, Europe and nearby destinations, while Sunclass serves around 25 leisure destinations.
The hotel element is also central to the acquisition. NLTG’s portfolio includes 26 concept hotels in destinations such as Spain, Greece, Cyprus, Thailand and Türkiye. Norwegian says these hotels could benefit from a steadier flow of customers through the enlarged group’s network.
Stordalen and Altor become major Norwegian shareholders
The acquisition price is approximately SEK 7.94 billion, equal to about €729 million. The payment includes SEK 3.5 billion in cash, about €321 million, and 300 million Norwegian shares. Up to 30 million additional shares may be issued later, with the final amount to be determined in the fourth quarter of 2026.
The current owners of NLTG — Petter Stordalen’s Strawberry, Altor and TDR Capital — will become significant shareholders in Norwegian after completion. Strawberry and Altor are expected to own about 8.9 percent each, while TDR would own about 4.4 percent, assuming no additional consideration shares are issued.
This means Stordalen is not leaving the sector. Instead, he is moving from ownership of NLTG into a major stake in the enlarged Norwegian group. Strawberry and Altor are also expected to have one representative each on Norwegian’s board.
Norwegian is already listed on the Oslo Stock Exchange and says it will consider a secondary listing in Stockholm after the deal closes. The company says this would reflect the enlarged group’s broader Nordic shareholder base and customer footprint, especially in Sweden and Denmark.
A stronger NLTG after the pandemic years
The timing of the transaction is important. NLTG has recovered strongly after the severe disruption caused by the pandemic and the collapse of Thomas Cook, after which Stordalen, Altor and TDR acquired the Nordic travel business in 2019.
For the financial year from October 2024 to September 2025, NLTG reported record revenue of SEK 16.799 billion, about €1.54 billion, and EBITDA of SEK 953 million, about €87 million. The group also said it had repaid its final Covid-related loans and become net debt free.
Those figures help explain why Norwegian sees the acquisition as a growth platform rather than a rescue operation. NLTG brings established Nordic brands, hotel capacity and package travel know-how at a time when many travellers are again seeking simple, organised holiday products.
