Information on the target
Norwegian Travel, founded in 2019, has rapidly established itself as Scandinavia's leading adventure-based travel company. The firm specializes in providing unique, activity-based experiences across several destinations in Norway, including Tromsø, Romsdalen, Kirkenes, and Narvik. The company is currently majority-owned by the Norwegian private equity fund Longship and operates notable attractions such as the Fjellheisen in Tromsø and the Romsdalsgondola in Åndalsnes, along with rail experiences like The Arctic Train and The Golden Train. This transaction marks a significant milestone as Norwegian Travel enters into an agreement to sell its gondola and rail operations to a European Infrastructure Fund managed by DWS.
Industry overview in the target’s specific country
The Railway Operators industry in Norway plays a crucial role in the country's transport infrastructure, facilitating both passenger and freight movement across its vast landscapes. With an extensive network of rail lines, Norway's railway system is integral to connecting remote regions with urban centers, thereby supporting economic growth and tourism. The industry has seen significant investment in recent years, aimed at modernizing infrastructure and enhancing service quality, which is essential for maintaining competitiveness in the European transport sector.
Norwegian rail operators have been focusing on sustainability and innovation, aligning with national policies aimed at reducing carbon emissions and promoting eco-friendly travel options. The government has been actively investing in electrification and the development of high-speed rail services, which are expected to improve efficiency and attract more passengers. This strategic direction is particularly relevant as tourism in Norway continues to grow, with rail services serving as a vital link to popular destinations.
Moreover, the increasing popularity of adventure tourism in Norway has led to a surge in demand for rail experiences that offer scenic views and unique travel opportunities. The iconic rail journeys, such as The Arctic Train and The Golden Train, not only enhance the travel experience but also contribute to local economies by attracting tourists. As a result, the Railway Operators industry is poised for continued growth, driven by both domestic and international tourism trends.
The rationale behind the deal
The sale of Norwegian Travel's gondola and rail operations to DWS is a strategic move aimed at leveraging the investor's extensive experience in managing infrastructure assets. DWS's commitment to maintaining the local roots of these operations ensures that the iconic attractions will continue to thrive under experienced management. This partnership is expected to enhance the development of these tourist attractions, positioning them as world-class destinations while preserving their cultural significance.
Information about the investor DWS Group is a leading European asset manager with a robust portfolio of EUR 1,054 billion in total assets under management as of September 2025. With a global presence and approximately 4,900 employees, DWS specializes in providing com…