Hurtigruten Group AS—which operates the Norwegian coastal cruise line Hurtigruten—and Hurtigruten Expeditions Holdings Ltd—which recently rebranded its global expedition cruise line as HX—have officially become separate companies as each has finalized its acquisition by a consortium of investors including Arini Capital Management, Cyrus Capital Partners and Tresidor Investment Management.
The acquisition will not affect Hurtigruten’s or HX’s bookings, employment terms, business partners or day-to-day operations. It does, however, inject new capital into each company. At transaction completion, Hurtigruten will benefit from an investment of approximately €400 million, enabling it “to continue to deliver the best guest experience as Norway’s leading coastal cruise line with 131 years of legacy, and explore future growth and development opportunities.” HX, on the other hand, receives roughly €140 million of new junior funding “to support new growth and destination opportunities.”
About each company:
Hurtigruten says it is seeing strong demand for its products. At the end of 2024, advance bookings for 2025 and 2026 were significantly higher than 2024 and 2025 advance bookings were at the end of 2023. Hurtigruten will be headquartered in Oslo, Norway, and will own and operate 10 ships under the Norwegian flag. Hedda Felin serves as CEO.
HX, following the changes implemented during 2024, continues to see growth accelerate with 2025 bookings 14 percent higher year-over-year and 2026 bookings growing over 25 percent year-over-year on a constant fleet basis. On the fleet side, both MS Fram and MS Spitsbergen will receive material upgrades to cabins, suites, science centers and restaurant areas onboard in Q2 2025. The company will continue to be led by CEO Gebhard Rainer, who is based in the new headquarters in London.
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