Norwegian Air Shuttle agreed to buy Nordic Leisure Travel Group for $846 million. Sellers Altor, Strawberry Equities and TDR Capital will retain stakes, with Altor and Strawberry each holding about 8.9% post‑closing. The cash component will be funded through Norwegian's balance sheet, completing the private‑equity trio's exit from the 2019 Thomas Cook acquisition.

NLTG operates the Ving, Spies and Tjäreborg brands and runs 26 boutique hotels across Spain, Greece and other Mediterranean hotspots. Those assets give the buyer a platform and a foothold in the leisure market. By integrating travel services with its flight network, Norwegian Air Shuttle can capture more of the spend chain. The portfolio also includes ancillary services such as travel insurance and ground transport.

The sale hands control of a $2 billion‑plus revenue business to an airline seeking diversification beyond its low‑cost model. Investors will watch how the combined entity leverages cross‑selling and economies of scale to improve margins. With private‑equity owners staying on board, Altor and its partners can influence strategic direction while cashing out a sizable return. It also boosts Norwegian's leverage with hotel partners.