Hurtigruten board backs takeover offer

Cruise and ferry company valued at around €347mn

The board at Norway’s cruise and ferry operator Hurtigruten has recommended a takeover bid by a group of investors. Silk Bidco AS tabled a bid for the company, valuing it at around €347 million.

Silk Bidco is made up of Hurtigruten’s chairman Trygve Hegnar and board member Petter Stordalen as well as funds managed by private equity firm TDR Capital.

“Hurtigruten is a well-managed company, with a significant potential,” said Helene Jebsen Anker, deputy chairman of Hurtigruten. “We believe this potential will be released faster and more effectively with Silk Bidco on board. The independent board recommends that shareholders accept the offer.”

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.”

TTG Digital

[pictured: MS Fram, Greenland; photo by Camille Seaman, copyright Hurtigruten ASA]