Hurtigruten, Norway’s leading coastal cruise line, has been acquired by a consortium of existing investors in a deal valued at over US$378 million. This acquisition, which includes more than US$116 million in long-term investment, is poised to drive the company’s future growth and solidify its position in the industry.
The transaction marks a key milestone in Hurtigruten’s evolution, facilitating the separation from its subsidiary Hurtigruten Expeditions (HX). The new ownership structure aims to support the cruise line’s sustainable expansion and enhance customer experience moving forward.
Hedda Felin, CEO of Hurtigruten, expressed optimism about the acquisition: “This is an important step for Hurtigruten. It allows us to continue our long-term goals, drive sustainable growth, and improve our services for customers. We look forward to collaborating with the new investor group.”
Under the new ownership, which includes Arini Capital Management, AlbaCore Capital, and Barings, Hurtigruten will continue its operations with 10 ships flying the Norwegian flag, serving a loyal customer base. The company employs nearly 2,000 staff members who will continue delivering the renowned coastal cruise experiences.
Hurtigruten has experienced a surge in demand, with bookings for 2024 up 24% compared to the previous year. The company forecasts sustained growth through 2026.
Torben Geisler, representing the investor group, highlighted the value of Hurtigruten’s legacy: “Hurtigruten is a strong, established brand with over a century of world-class service. We are excited to support the company’s leadership and dedicated team.”
The acquisition will also significantly reduce Hurtigruten’s outstanding debt by over EUR 1 billion, extending its maturities until at least 2030. The deal is expected to close in January 2025.
Despite the change in ownership, Hurtigruten has reassured its customers, business partners, and employees that the transaction will not affect its services or daily operations.
Related topics:
Which Country Is Good for Tourism
Which Countries Are Best to Live In
Which Countries Are Cheapest to Visit