In massive news for the expedition cruising sector, Hurtigruten Group has announced its sale to a consortium of existing investors for €500 million (around AU$810 million).
According to the Norwegian cruise line and expedition travel brand, the acquisition will support the company’s growth plans and finalise its separation into two standalone businesses from January 2025: Hurtigruten and HX (Hurtigruten Expeditions). The transaction is due to close in early 2025.
The split into two entities aims to boost both brands’ focus on delivering innovative and sustainable travel experiences across their respective markets.
The group says the investment will also fund future expansion, with the two businesses positioned to meet the growing global demand for responsible and meaningful travel.
Business as usual
“This is really positive news for both Hurtigruten and HX,” Hurtigruten Managing Director, APAC Region, Damian Perry said in an email to Karryon.
“The change of ownership has no practical implications for any of our guests, business partners or daily operations.”
Torben Geisler of Arini Capital Management, one of the consortia of new owners, said “Today marks a significant chapter in the future of these two companies”.
“With this infusion of new capital and strategic support from our investor groups, both Hurtigruten and HX are poised to enhance their product offerings and explore new markets, while continuing to deliver exceptional travel experiences,” he added.
“Hurtigruten and HX’s incredible workforces have been instrumental in driving the success of both businesses and will continue to be under this new structure.”
“Exciting era”
Hurtigruten Group Chief Financial Officer James McArthur added, “We are very excited to now achieve what everyone in our organisation has been working towards for a long time”.
“This transaction marks the beginning of an exciting era for both Hurtigruten and HX; both businesses now have tailored ownership teams that have full confidence in their unique market position and long-term potential.”
In August, the Norwegian company became the first and only travel brand to secure the ‘Made in Norway’ trademark, underlining its commitment to sustainability.
New HX CEO Gebhard Rainer was also recently in Australia to meet with the local team and connect with trade. Read our interview with Rainer here.
For more information on the group, click here.
