Norwegian cruise operator Hurtigruten has been acquired by a consortium of existing investors and has received approximately €110 million (US$120 million) in new, long-term funding.
Hurtigruten said the new setup provides a solid base for its future growth and continued development as a coastal cruise line. The closing of this transaction will mark the completion of the process to separate Hurtigruten from HX (Hurtigruten Expeditions).
Hedda Felin, CEO at Hurtigruten, said the transaction allows Hurtigruten to continue to deliver its long-term goals, enable sustainable growth, and enhance customer experience.
Under the new ownership, which includes existing investors led by Arini Capital Management, AlbaCore Capital and Barings, Hurtigruten will continue to operate on Norwegian coastal routes.
Hurtigruten also said the transaction will significantly reduce its outstanding debt and that of its parent group by over €1 billion (US$1.05 billion), resulting in remaining debt of approximately €400 million (US$420 million), and extending the maturities to at least 2030.
Hurtigruten will continue as a standalone company, headquartered in Oslo, and will own and operate its 10 ships under the Norwegian flag. Ms Fellin will also remain as CEO.
The transaction is scheduled to close in January 2025. Hurtigruten said the change of ownership has no practical implications for its customer offering, business partners, or daily operations.