ABG Sundal Collier acted as financial advisor to Norwegian in the acquisition of Widerøe

On Thursday, 6 July 2023, Norwegian Air Shuttle ASA (“Norwegian”) announced that it has entered into an agreement under which Norwegian’s subsidiary, Arctic Aviation Assets DAC will acquire Widerøe AS (“Widerøe”) for a cash consideration of NOK 1,125m subject to certain adjustments to be determined after closing.
Widerøe is a major Norwegian regional carrier, headquartered in Bodø, Norway. Today, Widerøe has a fleet of close to 50 aircraft and holds a market share of approximately 20% in the Norwegian domestic market. In 2022, Widerøe reported group revenues of NOK 5.7 billion.
The transaction is expected to create significant benefits for travellers, employees and shareholders. Linking Widerøe’s wide-spanning regional route network, covering more than 40 small and medium-sized airports across Norway, with Norwegian’s attractive domestic and international routes, secures a customer offering with better connectivity and seamless end-to-end experience. The transaction will enhance Norwegian and Widerøe’s role as a critical part of the Norwegian infrastructure. For shareholders, the transaction is expected to be highly accretive through linking non-overlapping complementary route networks, enabling significant operational synergies and added diversification through Widerøe’s public service operation routes.
Closing of the transaction is expected by the end of the fourth quarter of 2023, and is subject to certain closing conditions, including a regulatory review process from the Norwegian Competition Authorities.