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Hurtigruten's Fram is pictured in Antarctica

Investors led by UK private equity firm offer Nkr2.94bn for Hurtigruten

Hurtigruten's board is recommending shareholders accept an offer of 7 Norwegian kroner per share, or a total of Nkr2.94bn ($440m), for the company. The offer is from funds managed by TDR Capital, a London-based private equity firm, and Silk Bidco, a joint-venture vehicle created by Hurtigruten majority shareholders Petter Stordalen of Home Invest and Trygve Hegnar of Periscopus.

The Nkr7 per share offer represents a premium of 55.9% to the Oct. 28 closing price for Hurtigruten on the Oslo Stock Exchange.

Pre-acceptances of the offer together with shares owned by the parties connected with Silk Bidco represent 55.87% of Hurtigruten's total issued share capital. Hegnar told Norwegian media he was selling most of his shares and his stake would go from more than 33% to 5%.

Calling Hurtigruten 'an iconic brand with a unique heritage and a strong market position,' Stordalen said Silk Bidco is '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.'

Stordalen said the group appreciates Hurtigruten's achievements as a reliable service provider to businesses and communities along the Norwegian coast and is impressed by the company’s growing success in international travel and tourism.

'Our plan is to build on all these elements and create an even greater company for the future,' he added.

The independent members of Hurtigruten's board have unanimously recommended shareholders accept the offer.

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