Hurtigruten has announced its acquisition by a consortium of existing investors, who are contributing more than US$378 million in new capital to the company.
This funding includes US$116 million in long-term investment, providing a solid foundation for the continued growth of Hurtigruten as Norway's leading coastal cruise line. The transaction also completes the separation of Hurtigruten from Hurtigruten Expeditions (HX).
Hedda Felin, CEO at Hurtigruten, commented: “This is an important milestone for Hurtigruten. The transaction allows us to continue to deliver our long-term goals, enable sustainable growth, and enhance our customer experience. We look forward to working alongside the new investor group.”
Under the new ownership, which includes investors such as Arini Capital Management, AlbaCore Capital, and Barings, Hurtigruten will maintain its operations, which include 10 ships flying the Norwegian flag. The company’s workforce of nearly 2,000 employees will continue delivering its renowned coastal cruise experiences.
The company has seen strong demand for its services, with bookings for 2024 up by 24% year-to-date compared to 2023, and expects continued growth into 2026.
Torben Geisler, representing the investor group, said: “Hurtigruten is a strong, storied brand that has made a name for itself for over a century as a world-class operator. Our investor group looks forward to backing the Hurtigruten management team and its employees.”
The transaction will reduce Hurtigruten’s outstanding debt by over EUR 1bn and extend its maturities to at least 2030. It is expected to close in January 2025.
The acquisition will have no impact on Hurtigruten’s customer offering, business partners, or daily operations.