- 4 Gennaio 2018
- 326
- 190
Come da titolo, Norwegian acquisisce Widerøe.
Il cronoprogramma prevede Q4 2023 come periodo di finalizzazione dell'accordo, se non ci sono opposizioni da parte delle varie autorità.
Al momento l'intenzione è mantenere le due entità ben distinte, senza eliminare la doppia organizzazione.
Sono possibili riduzioni / tagli sulle rotte dove entrambe operano o hanno percentuali troppo elevate.
In allegato, presentazione Norwegian dell'operazione.
Dalla fondazione fino ai primi anni 2000, Norwegian è stata in competizione con Widerøe in alcune tratte, specialmente nel sud-ovest del paese, volando con Fokker 50 e facendo feederaggio a Braathens, fino a quando quest'ultima non è stata rilevata da SAS.
A sua volta, SAS è stata proprietaria di Widerøe dai primi anni 2000 allo metà dello scorso decennio.
newsweb.oslobors.no
Norwegian announces agreement to acquire Widerøe
Norwegian Air Shuttle ASA (“Norwegian”) today announced that it has entered into a transaction agreement under which the Norwegian group will acquire Widerøe AS ("Widerøe") for a cash consideration of NOK 1,125 million subject to certain adjustments to be determined after closing.
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.
Both companies will continue to operate under their separate brands, and Widerøe will be organised as a separate business unit to Norwegian, independent from Norwegian´s core low-cost carrier operation. Employees will remain in existing companies under existing collective agreements.
Widerøe is a major Norwegian regional carrier, with headquarter in Bodø, Norway. Today, Widerøe has a fleet of close to 50 aircraft and holds a market share of approximately 20 percent in the Norwegian domestic market measured by number of passengers. In 2022, Widerøe reported group revenues of NOK 5.7 billion.
– This is a milestone in Norwegian aviation history. Our two airlines have operated side by side for many years and no one knows the aviation market in Norway better. With this transaction, we will now create a streamlined and more comprehensive offer, including our leading Norwegian Reward programme, for all customers throughout Norway and abroad. We look forward to offering seamless travel across our entire route networks, says Geir Karlsen, CEO of Norwegian.
– Widerøe has a close to 90-year history, and we are the guarantor of a well-functioning route network in regional Norway. Although we have a solid footprint in Norway, we are smaller in an international context. The tax level for air travel in Norway is particularly high, and this, in combination with fierce international competition, makes it difficult for a smaller regional airline to persevere without a strong partner. We are therefore very happy to now join forces with Norwegian, and we are excited to get an industrial owner that aspires to develop both companies further. We are convinced that this solution is in the best interest of Widerøe, our employees, and not the least our customers, says Stein Nilsen, CEO of Widerøe.
Transaction rationale
The transaction is expected to provide significant benefits for travellers, employees and shareholders, and to strengthen the combined Norwegian and Widerøe as a key part of critical domestic infrastructure, including as follows:
Financing and timeline
Norwegian will finance the cash consideration of NOK 1,125 million through available funds. Widerøe’s debt facilities are intended to remain in place following the transaction. The purchase price is subject to certain adjustments after closing, including in respect to the profitability of Widerøe in 2023.
Closing of the transaction is expected by the end of the fourth quarter of 2023, and is subject to certain closing conditions, including regulatory review process from the Norwegian Competition Authorities.
ABG Sundal Collier has acted as financial advisor and BAHR has acted as legal advisor to Norwegian in connection with the transaction.
About Widerøe
Widerøe is a major Norwegian regional carrier, with a history dating back to 1934. Today, Widerøe has around 3,500 employees and holds a market share of approximately 20 percent in the domestic market in Norway measured by number of passengers. Widerøe operates a variety of routes with differing characteristics in terms of flight conditions and airport types. Routes can be divided as follows:
Widerøe’s fleet consists of 45 turbo propelled Bombardier Dash 8 aircraft, including 4 aircraft ordered but not yet delivered, as well as 3 Embraer E190-E2 jets (“E2 jets”). The Bombardier Dash 8 aircraft are one of very few aircraft types available that are well-equipped to serve short and steep approach runways and are therefore considered a highly valuable asset for Widerøe. Widerøe also owns and operates a ground handing operation, Widerøe Ground Handling AS, offering full services at more than 40 Norwegian airports. Furthermore, Widerøe owns a large number of properties, including garages, hangars, parking, operations and cargo buildings.
A presentation related to this transaction can be found in Norwegian’s website under Investor Relations.
Il cronoprogramma prevede Q4 2023 come periodo di finalizzazione dell'accordo, se non ci sono opposizioni da parte delle varie autorità.
Al momento l'intenzione è mantenere le due entità ben distinte, senza eliminare la doppia organizzazione.
Sono possibili riduzioni / tagli sulle rotte dove entrambe operano o hanno percentuali troppo elevate.
In allegato, presentazione Norwegian dell'operazione.
Dalla fondazione fino ai primi anni 2000, Norwegian è stata in competizione con Widerøe in alcune tratte, specialmente nel sud-ovest del paese, volando con Fokker 50 e facendo feederaggio a Braathens, fino a quando quest'ultima non è stata rilevata da SAS.
A sua volta, SAS è stata proprietaria di Widerøe dai primi anni 2000 allo metà dello scorso decennio.
NewsWeb
Norwegian announces agreement to acquire Widerøe
Norwegian Air Shuttle ASA (“Norwegian”) today announced that it has entered into a transaction agreement under which the Norwegian group will acquire Widerøe AS ("Widerøe") for a cash consideration of NOK 1,125 million subject to certain adjustments to be determined after closing.
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.
Both companies will continue to operate under their separate brands, and Widerøe will be organised as a separate business unit to Norwegian, independent from Norwegian´s core low-cost carrier operation. Employees will remain in existing companies under existing collective agreements.
Widerøe is a major Norwegian regional carrier, with headquarter in Bodø, Norway. Today, Widerøe has a fleet of close to 50 aircraft and holds a market share of approximately 20 percent in the Norwegian domestic market measured by number of passengers. In 2022, Widerøe reported group revenues of NOK 5.7 billion.
– This is a milestone in Norwegian aviation history. Our two airlines have operated side by side for many years and no one knows the aviation market in Norway better. With this transaction, we will now create a streamlined and more comprehensive offer, including our leading Norwegian Reward programme, for all customers throughout Norway and abroad. We look forward to offering seamless travel across our entire route networks, says Geir Karlsen, CEO of Norwegian.
– Widerøe has a close to 90-year history, and we are the guarantor of a well-functioning route network in regional Norway. Although we have a solid footprint in Norway, we are smaller in an international context. The tax level for air travel in Norway is particularly high, and this, in combination with fierce international competition, makes it difficult for a smaller regional airline to persevere without a strong partner. We are therefore very happy to now join forces with Norwegian, and we are excited to get an industrial owner that aspires to develop both companies further. We are convinced that this solution is in the best interest of Widerøe, our employees, and not the least our customers, says Stein Nilsen, CEO of Widerøe.
Transaction rationale
The transaction is expected to provide significant benefits for travellers, employees and shareholders, and to strengthen the combined Norwegian and Widerøe as a key part of critical domestic infrastructure, including as follows:
- Expanding the reach of Norwegian’s low-cost offering into regional Norway, offering travellers more destinations at attractive fares and improved end-to-end travel experience
- Supporting Norwegian´s strategic objective of gaining market share in the business segment, dampening seasonality, adding additional inbound travel to the Nordics, increasing resilience and strengthening international partnerships
- Enhancing Widerøe’s long-term competitiveness through operational scale benefits as well as robust industrial and financial backing
- Widerøe employees becoming part of a stronger, combined group with career opportunities under both brands and across more locations
- Improved capacity to invest in sustainability and green aviation
- Strategic and operational benefits from complementary route networks and business areas
- Material cost synergies from procurement scale, cost efficiencies and operational best-practice
Financing and timeline
Norwegian will finance the cash consideration of NOK 1,125 million through available funds. Widerøe’s debt facilities are intended to remain in place following the transaction. The purchase price is subject to certain adjustments after closing, including in respect to the profitability of Widerøe in 2023.
Closing of the transaction is expected by the end of the fourth quarter of 2023, and is subject to certain closing conditions, including regulatory review process from the Norwegian Competition Authorities.
ABG Sundal Collier has acted as financial advisor and BAHR has acted as legal advisor to Norwegian in connection with the transaction.
About Widerøe
Widerøe is a major Norwegian regional carrier, with a history dating back to 1934. Today, Widerøe has around 3,500 employees and holds a market share of approximately 20 percent in the domestic market in Norway measured by number of passengers. Widerøe operates a variety of routes with differing characteristics in terms of flight conditions and airport types. Routes can be divided as follows:
- Public Service Obligation (PSO) routes: Short runway and steep approach airports with harsh and complex flight conditions, typically operated by smaller, turbo-propelled aircraft
- Regional routes: Mix of small and medium-sized airports with variable flight conditions operated by both turbo-propelled and jet aircraft
- International routes: Selective routes from larger domestic airports, especially during the summer period. These are operated by both turbo-propelled and jet aircraft
Widerøe’s fleet consists of 45 turbo propelled Bombardier Dash 8 aircraft, including 4 aircraft ordered but not yet delivered, as well as 3 Embraer E190-E2 jets (“E2 jets”). The Bombardier Dash 8 aircraft are one of very few aircraft types available that are well-equipped to serve short and steep approach runways and are therefore considered a highly valuable asset for Widerøe. Widerøe also owns and operates a ground handing operation, Widerøe Ground Handling AS, offering full services at more than 40 Norwegian airports. Furthermore, Widerøe owns a large number of properties, including garages, hangars, parking, operations and cargo buildings.
A presentation related to this transaction can be found in Norwegian’s website under Investor Relations.
Ultima modifica:
