Stena Agrees to Acquire Norwegian Ferry Operator Color Line in Major European Ferry Deal

Swedish shipping group Stena AB has agreed to acquire Norwegian ferry operator Color Line, bringing together two of Scandinavia’s largest ferry companies in a deal that would significantly expand Stena’s presence in the European passenger and freight markets.

The acquisition, announced Monday, is subject to regulatory approval and is expected to close in late first quarter or during the second quarter of 2027. Financial terms were not disclosed.

Under the agreement, Stena AB’s subsidiary Stena Rederi AB will acquire all shares in Color Group AS from ONS Invest II AS, which is owned by Norwegian industrialist Olav Nils Sunde and his family.

The transaction would bring Color Line’s five-vessel fleet and four international ferry routes under the same ownership as Stena Line, one of Europe’s largest ferry operators, with 40 ships operating across 19 routes in Northern Europe and the Mediterranean.

Color Line operates services connecting Norway with Germany, Denmark and Sweden, including the Oslo–Kiel route served by its large cruise ferries Color Magic and Color Fantasy. Its other services connect Kristiansand and Larvik with Hirtshals, Denmark, and Sandefjord with Strömstad, Sweden.

In 2025, Color Line carried nearly 3.6 million passengers and 150,000 freight units, generating revenue of more than NOK 6.7 billion ($700 million approximately).

Stena Line, meanwhile, operates approximately 35,000 sailings annually, carrying passengers and freight across an extensive European network. The company reported revenue of SEK 20.2 billion and employs approximately 8,750 people.

The combination would strengthen Stena’s position in Scandinavian ferry transport while adding Color Line’s established Norwegian operations to its broader European network.

“This is a true milestone in Stena Line’s history,” said Niclas Mårtensson, CEO of Stena Line, describing the acquisition as an opportunity to expand the companies’ operations and contribute to tourism and more sustainable shipping.

Despite the change in ownership, Stena said it intends to preserve Color Line as a separate business, retaining its existing brand, Norwegian management and Norwegian-registered fleet.

The Swedish group also plans to support further investment in fleet decarbonization, technology, digitalization, customer service and freight logistics.

Color Line CEO Trond Kleivdal welcomed the agreement, saying Stena’s ownership would provide a stronger foundation for the Norwegian operator’s future development while preserving its established market position.

The companies said there would be no immediate changes to ferry schedules, bookings or existing customer and supplier relationships. Both operators will continue running independently while the transaction undergoes regulatory review.

The proposed acquisition marks a significant consolidation in the Northern European ferry industry, bringing together two longstanding family-owned maritime businesses with complementary route networks and substantial passenger and freight operations.

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