"This is a transaction where everything fits together," says Petter Stordalen at a press conference in Oslo, describing the arrangement as a "match made in heaven."
Norwegian's CEO, Geir Karlsen, calls the deal a "milestone for Nordic travel" and, according to Norwegian, it will create a travel player that can offer a comprehensive concept.
"I would like to thank Petter Stordalen for a creative and tough negotiation that has brought us to where we are today," says Karlsen, adding that the new collaboration is the start of something new and better.
"Better offer"
Norwegian's route network includes both domestic and international destinations, while NLTG in turn offers various forms of package tours through companies such as Ving, Spies and Tjäreborg.
"Norwegian and Widerøe will continue to be dedicated to offering travelers competitive air travel. By adding NLTG's leading position in leisure travel to the Norwegian Group's extensive route network, we create a better and more flexible customer offering," says Geir Karlsen in a press release.
Stordalen becomes owner
The deal also means that Norwegian hotel magnate Petter Stordalen will now become one of the largest owners of Norwegian.
"The new Norwegian Group will be one of Strawberry's largest strategic investments, and we are committed to being a long-term owner and active partner in its continued development and growth," Stordalen writes in a press release.
Norwegian also states that it is considering a second listing on the Stockholm Stock Exchange. The company is already listed on the Oslo Stock Exchange.
What do you think?