Investing
Norwegian Air agrees to buy Wideroe for $106 million
© Reuters. FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRJ approaches Riga International Airport in Riga, Latvia January 17, 2020. REUTERS/Ints Kalnins/File Photo
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COPENHAGEN (Reuters) – Norwegian Air (OL:) has agreed to buy domestic peer Wideroe for 1.13 billion crowns ($106 million), it said on Thursday.
Norwegian Air said in a statement it saw potential annual synergies from the acquisition of 200-300 million Norwegian crowns.
“The transaction is expected to provide significant benefits for travellers, employees and shareholders, and to strengthen the combined Norwegian and Wideroe as a key part of critical domestic infrastructure,” the airline said.
It said it expected to close the deal by the end of the fourth quarter and would finance it through available funds.
The companies will continue to operate under their separate brands.
($1 = 10.6543 Norwegian crowns)
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