Hurtigruten accepts terms of takeover bid
Scandinavian cruise line Hurtigruten has seen its share price surge to a six-year high after accepting the terms of a takeover from a group fronted by two board members.
It said it would recommend the offer at a 55.6% premium on its previous closing price, valuing the company at $444 million.
The news pushed up Hurtigruten’s shares 52% to its highest level since 2008.
The group known as Silk Bidco is led by private equity firm TDR Capital, alongside board member Petter Stordalen and chairman Trygve Hegnar.
TDR will hold a 90% stake while Stordalen and Hegnar will have 5% each.
“When you do a scan of the leisure space, Hurtigruten is probably the most unique opportunity, so we quickly focused and realised that the Norwegian coast was somewhere we would like to invest,” said John Rosen, partner at TDR Capital.
“You need strong owners who are committed to invest in the future and we want a bigger share of the global expanding leisure market,” Stordalen said.
“Hurtigruten is an iconic brand with a unique heritage and a strong market position. We are excited by the opportunity to accelerate the growth of the business, building on its strong platform in the Nordic region, investing across the fleet and, crucially, continuing to deliver a world class experience to passengers.”
Hurtigruten has a fleet of 12 ships and operates coastal voyages to the Norwegian fjords and the Northern Lights.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025