Norwegian acquires Nordic Leisure Travel Group (NLTG) for $843 million

Norwegian has acquired Scandinavian tour operator Nordic Leisure Travel Group (NLTG), for the equivalent of US$843 million (€730 million) in cash and stock, the company announced on June 16, 2026. 

The deal also includes the acquisition of a fleet of 12 Airbus aircraft (nine A321s, including three –neos, and three A330-900neo aircraft) which Nordic Travel Group operates under the brand Sunclass. 

Nordic Leisure Travel Group (NLTG) is an integrated travel and leisure group which, in addition to the Sunclass airline, sells holiday packages across Scandinavia through its own travel distribution networks. This includes the brands Ving in Norway and Sweden, Spies in Denmark and Tjäreborg in Finland. It also operates 26 hotels in warm weather destinations such as Spain, Greece, Cyprus, Turkey and Thailand. 

In a press statement announcing the purchase, Norwegian stated that it plans to leverage synergies between its airline operation and the rest of the leisure travel businesses in order to boost the profitability of the combined businesses.  

The Scandinavian airline will see its revenue soar by 50% after the newly acquired businesses are consolidated into its group. 

What’s more, Norwegian expects to be able to drive a 2% increase in its profit margin by 2027 by having the different airlines and travel businesses of the newly integrated group cross-sell each other’s products. 

The airline group plans to streamline connectivity between the NLTG charter operations and its domestic network, including that operated by its regional subsidiary Wideroe, in order to provide a more seamless experience for holidaymakers.  

Likewise, the airline’s loyalty program Spenn will also be extended to the group’s new business areas. 

Norwegian also said it plans to double down on the package holiday concept by doubling the number of hotels within its portfolio in the coming years. 

The acquisition is a significant milestone for Norwegian, which went through  a thorough emergency restructuring in 2021. Since then, the Norwegian low-cost airline has managed to turn itself around, posting double-digit revenue growth year after year and absorbing regional Norwegian carrier Wideroe along the way. 

Since part of the payment for NLTG will be made in Norwegian’s shares, the leisure group’s current shareholders, investment firms Strawberry, Altor and TDR, will also become major shareholders in the combined entity. Strawberry and Altor will each get around 8.9% of the combined company, with TDR taking around 4.4% of it.The post Norwegian acquires Nordic Leisure Travel Group (NLTG) for $843 million appeared first on AeroTime.

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