Hurtigruten and HX Complete Separation with €540M Investment Agreement
Hurtigruten Group AS, known for its Norwegian coastal cruises, and Hurtigruten Expeditions Holdings Ltd, recently rebranded as HX, have officially separated into two distinct companies. This change follows their acquisition by a consortium of investors, including Arini Capital Management, Cyrus Capital Partners, and Tresidor Investment Management.
The separation will not affect existing bookings, staff contracts, or business partnerships for either entity, ensuring operational continuity. Amid this transition, Hurtigruten is set to receive approximately €400 million, fortifying its status as Norway’s leading coastal cruise line with a history spanning 131 years. This investment will bolster its plans for expansion and new initiatives. Meanwhile, HX is securing €140 million in junior funding to enhance its expedition services and broaden its international presence.
Market demand appears strong, with advance bookings for 2025 and 2026 exceeding previous years’ figures as of late 2024. Hurtigruten, based in Oslo, will continue to operate with a fleet of 10 vessels registered under the Norwegian flag, guided by CEO Hedda Felin.
HX is also witnessing significant growth, with bookings for 2025 up 14% from the previous year, and a remarkable 25% growth for 2026 when adjusting for consistent fleet size. The company plans to enhance its fleet, with MS Fram and MS Spitsbergen undergoing major refurbishments in Q2 2025, which will include updates to cabins, suites, a science center, and dining facilities. HX will operate from its new headquarters in London, led by CEO Gebhard Rainer.
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