Norwegian Air sells 17.5% stake in Bank Norwegian for $247 million

Norwegian Air Shuttle will sell all of its 17.5% stake in banking company Norwegian Finans Holding – the owner of Bank Norwegian – to Cidron Xingu Limited for 2.22 billion Norwegian crowns (approximately $246.7 million), a statement from the airline said on Monday.  Norwegian Finans Holding is the owner of Bank Norwegian. Cidron Xingu Limited is indirectly controlled by Nordic Capital Fund IX and Sampo. The deal will boost Norwegian Air’s cash holding by 934 million Norwegian crowns, it added, boosting the balance sheet of the loss-making carrier. In a statement, Geir Karlsen, acting chief executive of Norwegian, said: “The