White & Case advises Altor, Strawberry and TDR on SEK 7.94 billion sale of Nordic Leisure Travel Group to Norwegian Air Shuttle

Global law firm White & Case LLP has advised the sellers, primarily consisting of private equity firms Altor and TDR Capital and the family-owned investment company Strawberry Equities AS, on the sale of Nordic Leisure Travel Group AB (NLTG) to Norwegian Air Shuttle ASA (Norwegian).

Consideration for the acquisition is approximately SEK 7.94 billion, comprising a cash component of SEK 3.5 billion and 300 million consideration shares in Norwegian. In addition, up to 30 million additional shares payable to be determined during the fourth quarter of 2026. Upon closing, Altor, Strawberry and TDR Capital will become significant shareholders in Norwegian. Completion of the transaction is subject to Norwegian's extraordinary general meeting, regulatory approvals and other customary closing conditions.

The transaction will create a vertically integrated Nordic travel group, combining Norwegian's and Widerøe's flight operations with NLTG's tour operating and hotel platform. With a combined fleet of nearly 160 aircraft and broad tour and hotel operations, the group will serve around 30 million customers annually in leisure and business travel in the Nordics.

NLTG is a leading leisure travel group in the Nordics, combining well-known consumer brands such as Ving, Spies, Tjäreborg and Globetrotter, with hotel brands including Sunwing, Sunprime and Ocean Beach Club.

Norwegian is a Nordic airline with an extensive network of close to 390 routes concentrated in the Nordics, Europe and closely adjacent destinations.

The White & Case team which advised Altor, Strawberry and TDR Capital was led by partner Johan Steen (Stockholm) and included partners Alexander Berlin-Jarhamn (Stockholm) and Kasia Czapracka (Brussels), counsel Nima Naderi (Stockholm) and associates Richard Martin, Simon Strömbäck, Amanda Thörnblom, Isak Bruncevic, Olivia Engberg, Miranda Sjöqvisth, Rebecca Chetkovich, Linn Karlsson, Daniel Agnemyr and Anton Miedl (all Stockholm) and associates Mia Monas and Maia Bishop (all Brussels).

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