Consortium completes acquisition of Norwegian cruise company Hurtigruten

A consortium of Norwegian investors led by Arini Capital Management, AlbaCore Capital, and Barings had completed its acquisition of cruise company Hurtigruten, the latter announced on Wednesday, February 12.

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 the company to continue to deliver its long-term goals, enable sustainable growth, and enhance customer experience.

Hurtigruten will continue to operate its ten ships under the Norwegian flag and on Norwegian coastal routes with its new owners.

"Through this transaction, we are once again a company with full focus on our two core areas as a coastal route operator and as a provider of unique cruise experiences along the Norwegian coast," said Felin.

Hurtigruten had said earlier that the transaction will secure approximately €110 million (US$120 million) in new, long-term funding as well as significantly reduce the company's 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.