The hotel group announced the acquisition of its competitor, Rica Hotels. The amount of the transaction was not revealed.

Scandic bought the 72-hotel portfolio in Norway and Sweden belonging to its Norwegian competitor Rica Hotels. The amount of the transaction was not revealed and the operation is still waiting for approval from Norwegian and Swedish authorities.

Rica's 72 hotels should be rebranded to Scandic, bringing the group's number of properties in the group's network to 223 throughout the Nordic countries. "The merger with Rica will make it possible to create a real national hotel chain in Norway, and to reinforce our presence in Sweden," déclared Svein Arild Steen-Mevold, Country Vice President Scandic in Norway.