Lindblad acquires 60% of White Desert & Echo Charlie for ~$61M; raises FY2026 guidance

LINDBLAD EXPEDITIONS HOLDINGS, INC.

Deal value: ~$61M cash plus ~$6M acquired cash, subject to working capital true-ups; 60% controlling stake in White Desert, PNR Airways, Echo Charlie.
Options to buy remaining equity in two tranches within 30 days after Dec 31, 2030 and 2031, priced on future EBITDA.
Patrick Woodhead to serve as Chairman of White Desert, CEO of Echo Charlie, and Strategic Innovation Advisor at Lindblad.
FY2026 guidance raised: tour revenue $850-880M, net yield 5.5-6.5%, Adjusted EBITDA $140-148M.
Acquisition described as largest transaction in Lindblad's history; expands Antarctic luxury and aviation experiential travel.

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