Norwegian buys Ving - creates Nordic travel giant

The deal is valued at approximately SEK 7.9 billion and means that Norwegian, Widerøe and NLTG will be brought together under the same owner. Together, the group will serve around 30 million customers per year and generate almost 50 per cent more revenue than today’s Norwegian group.

Se presskonferensen från Norwegians huvudkontor här>>

- This is a milestone for the Nordic travel industry. By combining NLTG’s leading position in leisure travel with the extensive route networks of Norwegian and Widerøe, we are building a better and more flexible offering for customers, says Norwegian CEO Geir Karlsen.

Flights, hotels and package holidays under one roof

Through the deal, a travel group will be created comprising nearly 160 aircraft, hotel operations, charter flights and scheduled services. For customers, this means a broader range of destinations, hotels and package holidays, as well as a more seamless booking and travel experience.

At the same time, NLTG’s strong brands Ving, Spies and Tjäreborg will gain access to the extensive route networks of Norwegian and Widerøe. The group sees major opportunities to sell more package holidays to Norwegian’s existing customer base of around 27 million passengers annually.

Also read our interview with Magnus Wikner from April:

Magnus Wikner: The core of our business model is owning the customer relationship>>

Sunclass Airlines, which currently flies to 25 charter destinations, complements Norwegian’s network with limited overlap. This opens up better capacity utilisation and new combinations between scheduled and charter traffic.

Also read our interview with NLTG’s CFO Per Knudsen from March:

Record results for NLTG - concept hotels and AI in focus going forward

Wants to grow the hotel business

An important part of the deal is NLTG’s portfolio of its own concept and resort hotels in Spain, Greece, Cyprus, Thailand and Turkey.

Norwegian sees potential to eventually double the number of its own concept hotels while also increasing occupancy through a larger distribution network. The Spenn loyalty programme, which is currently used by Norwegian and Strawberry, is also planned to be extended to NLTG’s brands and hotels.

- We already have ambitious plans for new concept hotels in the coming years, but through the partnership with Norwegian we have the opportunity to accelerate growth and establish our hotels in more destinations, says Petter A. Stordalen, founder and owner of Strawberry.

New era for the Ving group

NLTG CEO Magnus Wikner describes the deal as the start of a new chapter for the company.

- This is a fantastic milestone in our 70-year history. With Norwegian as owner, we gain access to one of Europe’s most extensive route networks, which gives us an entirely new platform to reach more customers and develop our offering, he says.

The owners become major shareholders in Norwegian

The purchase price consists of SEK 3.5 billion in cash as well as 300 million new Norwegian shares. Once the transaction is completed, NLTG’s current owners Strawberry, Altor and TDR will become significant shareholders in Norwegian. Strawberry and Altor are each expected to control approximately 8.9 per cent of the shares, while TDR will receive around 4.4 per cent.

The deal requires approval from Norwegian’s shareholders as well as competition authorities, including the European Commission. Completion is expected to take place in the second half of 2026.

If the deal is approved, one of the largest travel groups in the Nordic region will be created, with operations in aviation, charter, hotels and package holidays – and a clear ambition to challenge Europe’s biggest players in both business and leisure travel.

Background

Petter Stordalen’s company Strawberry Group and the private equity firm Altor (together with TDR Capital) secured financing and a valuation of SEK 6 billion when they rescued and acquired the Ving Group, now Nordic Leisure Travel Group (NLTG), in October 2019 after the collapse of the British travel giant Thomas Cook.

The exact purchase price for the company itself was never disclosed in detail. However, the owners did present a total financial framework and secured capital of SEK 6 billion to guarantee the continued operation of the business and future investments. The ownership split in the new group was as follows: 

• Strawberry Group (Petter Stordalen): 40 per cent

• Altor (Harald Mix): 40 per cent

• TDR Capital: 20 per cent

During 2025, the Norwegian Group delivered an operating profit (EBIT) of NOK 3,732 million, the highest ever in the company's history. The fourth quarter had an operating profit (EBIT) of NOK 21 million, a significant improvement from the same period in 2024, which had a negative result.

It was in October 2019 that Strawberry Group and Altor bought 40 per cent each of the company and TDR Capital the remaining 20 per cent. All operations were transferred to a new group, where the deal involved a combination of purchases of entire companies or the assets of certain companies from Ving Group’s previous legal structure. Technically, this meant that some of the Swedish companies were declared bankrupt, so that all operations could then be taken over directly by the newly formed group, created by the new owners. The purchase included all ongoing operations. In practice, this meant that Ving Sverige (as well as Thomas Cook Northern Europe and Thomas Cook Nordic Holding) were declared bankrupt so that all operations could then be taken over directly by the newly formed group.